US mortgage applications fall as mortgage rates increase
By Iain Gilbert
Date: Wednesday 26 Jan 2022
(Sharecast News) - US mortgage applications fell 7.1% in the week ended 21 January, the sharpest decline in two months, with the refinancing index plunging 12.6% and the purchase index slipping 1.8%, according to the Mortgage Bankers Association.
The fall comes as the average fixed 30-year mortgage rate increased to 3.72% from 3.64% - a level not seen since March 2020, as Treasury yields continued to march towards two-year highs.
MBA economist Joel Kan said: "After almost two years of lower rates, there are not many borrowers left who have an incentive to refinance. Of those who are still in the market for a refinance, these higher rates are proving much less attractive to them."
Special promo:
Trading the Forex Market? Visit FXmania.com to get advanced infomation about currencies and the Foreign Exchange
Market.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN