Mortgage rates have continually increased for 10 straight weeks, with current 30-year fixed rates hitting their highest point since 2001.
Mortgage rates hit 7.16% for the week ending in Oct. 21 as markets simultaneously saw a 2% decrease in demand for loans, according to a Mortgage Bankers Association (MBA) survey. Mortgage rates are predicted to continue climbing as ongoing inflation concerns have left many analysts predicting another hike in interest rates, CNBC reported.
Mortgage rates on Thursday climbed to a 14-year high, with the average 30-year-fixed rate rising above 6% for the first time since 2008.
Mortgage Bankers Association executive Joel Kan says the 6.01%, rate is “essentially double what it was a year ago.”
Mortgage rates increased last week, leading to an uptick in the refinance rate.
According to the latest weekly survey by the Mortgage Bankers Association, mortgage rates increased last week after dropping for two consecutive weeks.
Mortgage applications increased for the first time in over a month after a decrease in mortgage rates last week.
According to a weekly survey by the Mortgage Bankers Association, mortgage applications increased by 1.2% from last week, the first increase seen in five weeks.
Mortgage applications plummeted to their lowest level in three years as rates continued to edge higher, hitting home buyers and refinancers.
Mortgage applications decreased 13.1% in the week ending Feb. 18, the lowest level since December 2019, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey. The survey, which measures mortgage loan application volume, found refinancing activity decreased 15% on a weekly basis and was 56% lower than the same period one year prior.