In the past week, the overall application activity dropped to its slowest pace since 1997. Demand for mortgage applications plummeted to 14.2 percent, according to the weekly mortgage application survey from the Mortgage Bankers Association.
“The 30-year fixed rate hit 6.75 percent last week – the highest rate since 2006,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The current rate has more than doubled over the past year and has increased 130 basis points in the past seven weeks alone.”
The Purchase Index decreased 13 percent from one week earlier.
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