Refinance Activity Slows Following Spike In U.S. Treasury Rates
Last week interest rates saw an increase that caused a decline in the nation's refinance activity according to a report.
"According to the MBA, mortgage applications decreased 0.1% for the week ending on Sept. 13, 2019. On an unadjusted basis, the index also fell 0.1% from the previous week," according to HousingWire.
"The jump in U.S. Treasury rates at the end of last week caused mortgage rates to increase across the board, with the 30-year fixed-rate mortgage climbing to 4.01%– the highest in seven weeks," MBA Vice President of Economic and Industry Forecasting Joel Kan said.
While the Refinance index dip slip, it is still much higher than that of the same period in 2018. Meanwhile, the unadjusted Purchase index rose 16% from just a week ago.
"The purchase index increased for the third straight week to the highest reading since July," said Kan, according to the report.
To learn more about how the rate increase is affecting refinance activity, click on the image above.
