Mortgage Applications Decrease
Diana Heeb Bivona
The Mortgage Bankers Association announced that U.S. mortgage applications fell for the first time in four weeks due to a decline in home purchase loans, as interest rates increased for the first time since November. The drop was the most noticeable in loans to buy homes.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.2 percent, up 0.16 of a percentage point from the previous week’s 6.04 percent, marking its first increase in eight weeks. Rates were at their highest levels since the week ended Dec. 23.
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