Mortgage applications fell 4.5% this week. Applications fell for the fourth month in a row, to the lowest level since 1997. With the 30-year almost a percent higher than an adjustable-rate mortgage, buyers are opting for the latter.
The numbers: Mortgage applications fell 4.5% this week, as higher mortgage rates dragged down the housing sector.From builder sentiment to home sales, rates — which are a hair’s breadth away from 7% — have hit home buyers and homeowners looking to refinance.
The purchase index — which measures mortgage applications for the purchase of a home — fell by 3.7% from the previous week. Though the share of adjustable-rate mortgages has risen to levels last seen in 2008 — which may trigger memories of the Great Recession for some — it’s still nowhere near its peak.
“The speed and level to which rates have climbed this year have greatly reduced refinance activity and exacerbated existing affordability challenges in the purchase market,” Joel Kan, vice president and deputy chief economist at the MBA, said in a statement.
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