Mortgage rates are taking a pause this week after a nine straight weeks of pushing higher. The 30Y rate remained stable at 6.42, the 15Y rate moved upwards 3 basis points to 5.99, and the 5Y ARM dropped only a single point to 5.93.
The MBA Purchase Mortgage Index did rise 2.6% to 477.9 last week. Refinancing continues to fall out of favor as rates are rising, the refinancing index dropped 5.4%. The overall mortgage activity index dropped 0.6%.
High rates reduce mortgage applications
Caveat Emptor,
Grim
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