Mortgage Activity Slows as Rates Spike to Multi-Month Highs
Mortgage rates broke out of their recent holding pattern, rising sharply last week and triggering a noticeable slowdown in application volume. Total mortgage applications fell 5.1%, per the Mortgage Bankers Association’s latest seasonally adjusted data. The average 30-year fixed mortgage rate for loans under $806,500 climbed to 6.92%, up from 6.86% the week prior. Borrowers […]