U.S. mortgage applications fell 6% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 7.53%.
The numbers: Home buying demand dropped as U.S. mortgage rates rose for the fourth week in a row to the highest level since 2000.
An increase in rates across the board hurt demand for both refinancing and purchase applications. That led to a decline in the market composite index, a measure of mortgage application volume, the Mortgage Bankers Association said on Wednesday. The rate for jumbo loans, or the 30-year mortgage for homes sold for over $726,200, was 7.51%, up from 7.34% the previous week.
The big picture: Rates rose in the latest week, but with the 10-year yield over 4.8%, rates are likely to go even higher. Some buyers are already being quoted 8% rates, some lenders say. Overall, higher rates mean more pain for mortgage lenders and the U.S. housing market.
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