I know this was published today, but I think it's already behind as US Treasuries yields are still increasing, which usually has an affect on mortgage rates.
Before last week, mortgage rates had been at or near historic lows since April as investors, worried about the economy, shifted money into the safety of U.S. Treasurys. Mortgage rates fell to their lowest point as traders snatched up Treasurys ahead of the central bank's announcement.
The recent jump in rates rippled through the mortgage market. The number of people filling out mortgage applications slumped last week, the Mortgage Bankers Association said Wednesday. Purchase applications dropped by 5 percent from the previous week, while refinance applications tumbled 16.5 percent.
Read it allWhile refinancing activity got a boost, low rates did little to buoy the struggling housing market. Potential buyers are worried about their jobs or unable to qualify for a loan because of tighter credit standards. Others can't sell their own homes before buying another.
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