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

Mortgage Requests Fall as Borrowing Costs Hit 7-Year Highs

Real Estate Mortgage Approved Loan Document With House Keys
(Pricelessphotos/Dreamstime)

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.

© 2019 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
Personal-Finance
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
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved