Mortgage rates rise to an 8-month high, tanking refinance demand

By | October 27, 2021

“The increase in rates triggered the fifth straight decrease in refinance activity to the slowest weekly pace since January 2020. Higher rates continue to reduce borrowers’ incentive to refinance,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting, in a release.

Mortgage applications to purchase a home increased 4% for the week but were 9% lower than the same week one year ago. As home prices continue to rise, and most of the sales are in higher price tiers, the average loan size rose to its highest level in three weeks.

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Author: MS Editorial Team

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