Mortgage rates move lower after reaching August highs
CNBC · New
CNBC
New
Mortgage rates have started to decline after reaching their highest point since August, following a recent spike that significantly reduced both homebuyer and refinance demand.
Breakdown
- Mortgage rates moved lower after hitting an eight-month high last week
- Total mortgage applications dropped 10% for the week 24s
- Refinance applications fell 17% but are 33% higher than last year 29s
- Home purchase applications dropped 3% for the week, up just 1% year-over-year 41s
- Both buyers and sellers are pulling out of the market, agents report 1m 18s