As mortgage rates climb, applications fall six basis points
Housing Wire
OCTOBER 21, 2020
For the second week in a row, mortgage applications faltered slightly, falling 0.6% from the week prior, according to a report from the Mortgage Bankers Association. Purchase applications also took a hit last week, falling 2% from the week prior, however, remained 26% higher than this same time last year. Joel Kan, MBA’s vice president of economic and industry forecasting, pointed to a rise in mortgage rates last week for why conventional and government purchase activity took a step back.
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