Following a signal from the Federal Reserve that it will keep up its aggressive efforts to curb inflation, mortgage rates spiked further higher last week.
According to the seasonally adjusted index from the Mortgage Bankers Association, the number of mortgage applications decreased 3.7%
last week compared to the prior week as a result of this and growing uncertainty in the housing market as a whole.
Due to the small number of borrowers who would profit from a refinance at today’s higher rates, mortgage applications are currently at a 22-year low.
Mortgage applications for house purchases fell by 0.4% for the week and were 29% lower than they had been during the same week last year.
Although the annual price increases are currently reducing at a historic rate, prospective buyers today still have to deal with high pricing.
