Mortgage Applications Fall Again, Index Shows
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An index of applications for U.S. mortgages fell for the fourth straight week to the lowest level in more than a year as rising mortgage rates discouraged refinancing, an industry report showed.
The Mortgage Bankers Assn. of America’s measure of mortgage applications dropped 1.6% to 628.7 last week, the lowest since June 14, 2002. The refinancing index declined 8.6% to 1981.5. The average 30-year fixed-rate mortgage increased to 6.25% from 6.22%, up from a record low of 4.99% in the week ended June 13.
Interest rates have been rising amid signs of faster economic growth. That’s pinched refinancing, a source of cash for consumers for more than two years. Home sales may start to ebb later this year as higher borrowing costs make housing less affordable, some economists said.
From Bloomberg News
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