US mortgage applications fall amid rising interest rates
By Iain Gilbert
Date: Wednesday 17 Nov 2021
(Sharecast News) - The Mortgage Bankers Association revealed on Wednesday that total mortgage application volume fell 2.8% week-on-week in the US as rising mortgage interest rates continued to take their toll on demand.
Refinance demand was hit particularly hard, down 5% for the week and 31% year-on-year, as the average contract interest rate 30-year fixed-rate mortgages with conforming loan balances increased to 3.20% from 3.16%.
Mortgage applications to purchase a home rose 2% for the week but were 6% lower than the same week twelve months earlier.
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