Tags: mortgage | home | loan | housing | applications | rates

Mortgage Requests Fall as Borrowing Costs Hit 7-Year Highs

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Wednesday, 10 October 2018 01:40 PM

U.S. mortgage applications declined last week as home borrowing costs climbed to their highest levels in over seven years, propelled by a spike in bond yields during last week’s market selloff, the Mortgage Bankers Association said on Wednesday.

The Washington-based industry group said its seasonally adjusted gauge on consumer requests for a loan to buy a home and to refinance one decreased 1.7 percent to 346.7 in the week ended Oct. 5, marking its first decline in four weeks.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since February 2011, 5.05 percent, from 4.96 percent.

The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since April 2010, 4.44 percent, from 4.39 percent.

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U.S. mortgage applications declined last week as home borrowing costs climbed to their highest levels in over seven years, propelled by a spike in bond yields during last week’s market selloff, the Mortgage Bankers Association said on Wednesday.
mortgage, home, loan, housing, applications, rates
130
2018-40-10
Wednesday, 10 October 2018 01:40 PM
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