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EmailMortgage applications tumble as interest rates climb
Rates on home mortgages climbed this past week, causing mortgage applications to plummet, according to HousingPredictor.com.
The average rate on a fixed 30-year mortgage climbed to 4.46%, showing that the foreclosure moratoriums enacted by major lenders are affecting the housing market. Applications, in turn, fell 14.4%, and refinancing dropped even further, declining 16.5% from the previous week. Rates on fixed 15-year mortgages also rose.
The increases in both types of mortgages likely means the rates will continue to climb higher.
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