Real Estate

Mortgage applications drop to lowest level in over 2 years

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A “for sale” sign in front of a home that Zillow shows has a pending sale of 750,000 dollars on February 18, 2022 in Miami, Florida.

Joe Raedle | Getty Images

Climbing mortgage rates are hitting both potential homebuyers and refinance candidates. Total mortgage applications decreased 13.1% last week to the lowest level since December 2019, according to the Mortgage Bankers Association. Applications to refinance dropped 15% weekly and were 56% lower than one year ago.

“Higher mortgage rates have quickly shut off refinances, with activity down in six of the first seven weeks of 2022,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

The average contract…



Source cnbc.com

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