Mortgage applications fall to lowest level in nearly 30 years as rates edge higher
Mortgage applications have fallen to their lowest level in 28 years as rates continue to edge higher, according to data from the Mortgage Bankers Association.
The MBA's Market Composite Index, a gauge of mortgage loan applications, fell 5.7% over the last week, the MBA reported on Wednesday. The 30-year fixed mortgage rate climbed to 6.71% from 6.62% in the prior week, as markets are raising their expectations for additional rate hikes from the Fed. "There has now been three straight weeks of declines in applications as mortgage rates have jumped 50 basis points over the past month," MBA deputy chief economist Joel Kan said in a
."Data on inflation, employment, and economic activity has signaled that inflation may not be cooling as quickly as anticipated, which continues to put upwards pressure on rates." in October amid the Fed's aggressive tightening campaign. And after pulling back close to 6% last month, they have been heading up again as central bankers signal more work to do on inflation.
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