Mortgage rates rose for the 3rd week in a row, this time reaching their highest point since July
Mortgage rates rose for the third week in a row, this time reaching their highest point since July.
According to Sam Khater, the chief economist for Freddie Mac, the steady stream of upticks hasn’t slowed down buyers much. MBA’s data shows mortgage application volume was basically unchanged over the week. Purchase activity increased slightly by 2%, while refinances fell just 1%. Refinances were still 134% higher than a year ago.“Considering how much lower rates are compared to the end of 2018, purchase applications should continue showing solid year-over-year gains,” said Kan, MBA’s associate vice president of economic and industry forecasting.
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