Mortgage Applications Fall (Again) Before Rate Spike Borrowers have missed the boat on low mortgage rates and are showing more hesitation to apply for mortgages. Total mortgage applications fell 2.7% last week, according to the Mortgage Bankers Association's (MBA) . A year ago, mortgage application volume was 4.5% higher. However, rates were also significantly lower, according to a CNBC report. Refinance applications pushed total applications down, falling 4% to the lowest level since August 2008, the MBA said. Although mortgage rates dipped slightly last week, it wasn't enough to convince homeowners to refinance their mortgages. Any reprieve borrowers could have felt from last week's mortgage-rate dip was short lived. Mortgage rates, which closely follow movement in the 10-year Treasury bond yield, surged to seven-year highs on Tuesday after investors rushed to sell off government bonds, according to Mortgage News Daily. The 10-year Treasury yield spiked to 3.070%, the highest level since July 2011 and the largest single-day increase since March 1, before climbing even higher to 3.090% on Tuesday, according to The Wall Street Journal Market Data Center.
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