Mortgage applications drop as interest rates rise to 9-month high

Mortgage applications slumped last week as interest rates on 15- and 30-year fixed-rate mortgages rose for the first time in six weeks, data from an industry group showed on Wednesday. Interest rates,

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CHICAGO (MarketWatch)-After reaching record lows in 2012, mortgage rates are expected to creep. In the meantime, high refinance activity will likely carry over into next year. “Applications that.

When Interest Rates Rise: Winners and Losers US home loan demand drops despite drop in rates – The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 3.8 percent. The lowest mortgage rates in decades and high affordability. been conducted.

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I hate to be the bearer of bad news, but as you might expect, mortgage rates are expected to move higher over the next few years. This isn’t a surprise, given their current historically low levels. But because a 30-year mortgage rate in the high 3% range has become the new normal, some might get sticker shock. Anyway, let’s get to those.

As mortgage rates plunge, millions more homeowners can benefit. There are now about 5.9 million borrowers who could see their rates drop. applications with lenders last week. The average size of.

Average mortgage rates fall; 30-year at 9-month low. The recent easing of rates has come amid steep declines in the stock market and tumbling interest rates on the 10-year U.S. Treasury. Mortgage applications jumped 23.5 percent in the week ended Jan.. 4, reaching its highest level since July 2018.

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Interest. rates continued to drop. And by December of last year, 30-year fixed rates were down to 3.32 percent and 15-year fixed rates were at 2.85 percent. Then rates began to rise steadily.

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Applications to refinance jumped 12 percent for the week as homeowners. Last week, the average contract interest rate for 30-year fixed-rate mortgages with. ” The average loan size increased once again to new highs for both. by declining home sales (despite the last reported month's resurgence),”.

While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wide.

The CNBC report below shows how rising rates are affecting mortgage applications and the housing market in general.. Mortgage Applications Drop as Rates Continue to Rise.. Federal Reserve.