Weekly mortgage demand drops over 6% after interest rates move even higher

By | October 20, 2021

Applications to refinance a home loan, which are most sensitive to weekly rate changes, decreased 7% for the week and were 22% lower year over year. The refinance share of mortgage activity fell to 63.3% of total applications from 63.9% the previous week.

“Refinance applications declined for the fourth week as rates increased, bringing the refinance index to its lowest level since July 2021,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Read full article at: CNBC

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Author: MS Editorial Team

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