Rising Mortgage Rates Slow Application Activity

by devteam July 29th, 2009 | Share

Mortgage rates climbed for the second straight week, pulling down demand for mortgage applications, particularly for refinancing, according to a weekly industry survey.

The Mortgage Bankers Association said average rates for a 30-year mortgage moved up 0.05 percentage points to 5.36% in the week ending July 24, which follows a rebound  from 5.05% to 5.31% in the prior week. The jump in rates caused demand to shrink for the first time in four weeks.

The Market Composite Index â€

About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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