Mortgage Applications Fall as Interest Rates Rise

HousingWire reports rising interest rates in response to the Federal Reserve’s quantitative easing program caused mortgage applications to fall 5.2 percent for the past week on a seasonally-adjusted basis, according to the Mortgage Bankers Association (MBA).  The 30-year, fixed-rate mortgage (FRM) went from 4.46 percent to 4.69 percent, and the 15-year, FRM went from 3.64 percent to 3.79 percent.  Said Michael Fratantoni of MBA, “Stronger economic data towards the end of the week coupled with the end of the Fed’s second round of quantitative easing helped bring mortgage rates to their highest level in over a month.”

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