Tag Archives: Loan Demand Falls as Rates Continue to Edge Up

Mortgage rates rose to their highest level in more than a year, which decreased demand for home loans last week, the Mortgage Bankers Association reports. Mortgage applications for home purchases, considered a leading indicator of future home sales, dropped 3 percent last week. Meanwhile, mortgage applications for refinancings dropped 3.1 percent. The MBA reports that 30-year mortgage rates rose 2 basis points last week to average 4.17 percent, the highest level since March 2012. This marked the sixth consecutive week for rate increases. The MBA’s index covers 75 percent of […]