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Mortgage Demand Dips as FHA Rates Rise

Mortgage News > Mortgage Demand Dips as FHA Rates Rise
Date: 07/29/2020    Mortgage Demand Dips as FHA Rates Rise

The number of mortgage applications decreased slightly in the last week as interest rates on FHA loans jumped, according to the Mortgage Bankers Association. The MBA’s mortgage application volume index slipped 0.8% during the week ended July 24, 2020. Home purchase loan requests fell 2% while refinance applications dipped by 0.4%. The MBA said that the refinance drop was due to a 14 basis point increase in rates for FHA loans, which led to an 18% decline in FHA refinances.

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