Mar
Mortgage Applications Hit Low as Home Loan Rates Shoot Up
Posted in Loans, Mortgages | 3 Comments »
According to the Mortgage Bankers Association, U.S. mortgage applications plummeted last week as home loan rates leaped.
The standard 30-year mortgage rates jumped 0.35 percentage points last week and reached 5.24%, after it hit the lowest level in the trade group’s history dating back to 1990.
When 30-year fixed mortgage rates hit 4.98% the week before, a wave of mortgage applications drove the refinancing index to a 5-1/2 year max.
The mortgage applications index of the Mortgage Bankers Association (this includes both the purchases and refinance loans that are adjusted seasonally), plunged 9.8% to 1,195.3 in the past week.
The refinance applications index of the Mortgage Bankers Association dropped 12.4% to 6,491.8, as the purchase applications numbers ascended 2.5% to 303.1 on seasonally updated basis.