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Mortgage Applications Slow as Rates Pass 5%

Mortgage News > Mortgage Applications Slow as Rates Pass 5%
Date: 10/10/2018    Mortgage Applications Slow as Rates Pass 5%

Fewer people applied for mortgage loans in the latest week, according to the Mortgage Bankers Association, perhaps scared off by interest rates topping 5% for the first time in over 7 years. The average rate on a conforming 30-year fixed-rate mortgage rose to 5.05% with 0.51 point this week, up from 4.96% the week before. At the same time, mortgage application volume drooped 1.7% for the week and 15% from the previous year.

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