Mortgage Applications Fall as Interest Rates Remain High

Paper Work

Mortgage applications sank last week as high prices and rising mortgage rates have increased unaffordability for average Americans, according to data from the Mortgage Bankers Association.

The total volume of mortgage loan applications for homes declined 10.6% in the week ending Feb. 16 compared to the previous week when seasonally adjusted, while the purchase index fell 10% in that same time, according to a release from the MBA. The drop in applications follows an increase in the average interest rate for a 30-year fixed-rate mortgage for homes under $766,550 to 7.06% from 6.87% the week prior, intensifying housing unaffordability.

Read the full story