The volume of U.S. mortgage applications plummeted to the lowest in nearly three decades last week as the interest rate on the most popular type of home loan rose for a sixth straight week to the highest since 2000.
The volume of U.S. mortgage applications plummeted to the lowest in nearly three decades last week as the interest rate on the most popular type of home loan rose for a sixth straight week to the highest since 2000, the latest data to point to no near-term relief for the slumping housing market. The Mortgage Bankers Association's weekly index of mortgage application activity fell 6.9% in the week ended Oct. 13 to 166.9, the lowest since May 1995. Applications for loans to buy a home fell 5.
Mortgage interest rates, which had been around 3% just two years ago, initially climbed on the back of the rate hikes the Federal Reserve kicked off in March 2022 to beat back inflation. More recently, however, they've been pushed higher by bond market activity with the Fed seen as at or near the peak of its tightening cycle.
Data due on Thursday from the National Association of Realtors is expected by economists polled by Reuters to show that sales of previously owned houses in September fell for a fourth straight month to an annual run rate of 3.89 million homes.
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