A sharp jump in mortgage interest rates over the past few weeks is taking its toll on mortgage demand.
Total application volume fell nearly 7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
Refinance demand, which is especially sensitive to weekly interest rate movements, fell to the lowest level in three months, down 10% last week compared with the previous week. Volume was 16% lower than the same week one year ago. Mortgage applications to purchase a home declined 2% for the week and were 13% lower than the same week one year ago. It was driven by a drop in conventional loan applications. Government loans, which are mostly used by lower-income borrowers, saw a 1% increase in demand.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 10 fastest-growing jobs of the next decade that don't require a bachelor's degreeMany of the jobs require a high school diploma, associate’s degree, or a post-secondary non-degree award.
Read more »
Mother of girl, 10, who died of Covid complications: ‘Covid is real’A Virginia 10-year-old died of Covid-19 complications just five days after she started showing symptoms, according to her parents, who said the girl may have been exposed to the virus as a result of being classroom 'nurse.'
Read more »
'Squid Game' – The Number 1 Show On Netflix — Was Rejected By Studios For 10 YearsWe love a redemption story.
Read more »
10 Benefits of Cycling That’ll Make You Want to Hop on a BikePlus, expert tips for getting started.
Read more »
10-year Treasury yields head toward 1.50% as yields extend gainsU.S. government bond yields are rising Tuesday, extending a climb that has been underway since late September when the Federal Reserve signaled that it could...
Read more »
The 10 Dishes That Will Make You Fall in Love With Georgian FoodWhen you arrive in Tbilisi, border agents don't just stamp your passport; they hand you a bottle of wine. It's a fitting welcome to Georgia, a mountainous country sandwiched between Europe and Asia, where dinner guests are exalted as 'gifts from God' and traditional feasts called supras unfold in biblical proportions, sometimes lasting for days on end. Here are 10 dishes to know and try.
Read more »