Mortgage Applications Fall as Home Sales Slow
From Bloomberg News
An index of U.S. mortgage applications fell 12% last week as home purchases slowed and loan refinancing dropped to the lowest level since early January, hurt by rising interest rates.
The Mortgage Bankers Assn. said its gauge of loan demand fell to 654.1 from 742.2. It was the second straight decline in the index and came as 30-year mortgage rates exceeded 6% for a fourth consecutive week.
The group’s home purchases index fell 8.1%. The index of refinancing applications sank 17%.
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