Our Awful Situation
Mortgage Applications Hit 6-Year Low as Rates Surge
Its a very hard to time to be in the banking and mortgage business. What’s that old saying? What comes around…
Applications for mortgages stumbled to their lowest level in six years last week as rates on fixed-rate mortgages surged, according to data released Wednesday morning by the Mortgage Bankers Association. The association’s composite index, which covers purchase and refinancing activity, fell 15.3 percent on a seasonally-adjusted basis to 502.3 for the week ended May 30, from a reading of 593.3 one week earlier. Applications were off 20.3 percent compared to the same week one year earlier.
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