- theMReport.com - https://themreport.com -

Rising Interest Rates See Mortgage Applications Decline

mortgage ratesA rise in mortgage interest rates saw mortgage applications decrease 2.6 percent from one week earlier, according to data from MBA Weekly Mortgage Applications Survey released on Wednesday. The survey covered data for the week ending January 26.

The Refinance Index decreased 3 percent from the previous week, while the seasonally adjusted Purchase Index decreased 3 percent from a week earlier. On the other hand the refinance share of mortgage activity decreased to 47.8 percent of total applications, its lowest level since August 2017, from 49.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.7 percent of total applications.

Other highlights from the survey: