Mortgage applications dropped 8% last week, the Mortgage Bankers Association (MBA) reported on Wednesday. The number of homeowners refinancing has fallen 50% compared to last year.
"With mortgage rates now at 4.5 percent, compared to rates at or below 3 percent not that long ago, it is no surprise that refinance volume has dropped by more than 50 percent compared to this time last year," Mike Fratantoni, MBA's Senior Vice President and Chief Economist, said in a release. "MBA's new March forecast expects mortgage rates to continue to trend higher through the course of 2022."
Last week, long-term mortgage rates reported by Freddie Mac rose to 4.16%, the first time that rates had been above 4% in three years.
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-applications-drop-8/19431.
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