Mortgage Apps Down, Again
CNBC’s Diana Olick joins ‘Squawk Box’ to break down how rising mortgage interest rates are impacting mortgage applications, particularly refinancing demand.
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The Mortgage Bankers Association just released its weekly index of applications to buy a home or refinance a loan, and the numbers aren’t good: it fell last week by 19 percent — the biggest plummet since February. As you can see from the above chart, applications have fallen by over 50 percent since April. The data suggests that the Obama administration’s plans to help out the housing market aren’t entirely working yet.
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Source: NPR
