-Mortgage applications have been falling for the past three weeks
-The 30-year fixed mortgage rate has risen to its highest level since November of last year
-The average rate for a 15-year mortgage also rose, hitting 6.62%
As mortgage rates continue to rise, we’re seeing fewer and fewer people applying for new loans. The average 30-year fixed mortgage rate is now 7.09%, the highest it’s been since November of 2022. Rates for 15-year mortgages have also gone up, hitting 6.62%.
This trend is likely to continue as we head into the summer months. If you’re considering buying a home or refinancing your existing mortgage, you may want to act soon to lock in a lower rate.
You can read this full article at: https://www.housingwire.com/articles/mortgage-applications-fell-another-3-1-last-week/(subscription required)
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