Business
Mortgage demand slows as rates hit 7-month high – Fox Business
Demand for mortgage applications remained tepid last week as rates rose to their highest level since July.
Demand for mortgage applications remained tepid last week as rates rose to their highest level since July.
Total mortgage loan volume rose by a seasonally adjusted rate of 0.5% in the week ended Feb 26., according to the Mortgage Bankers Association. Refinancings were up 0.1%.
“Mortgage rates jumped last week on market expectations of stronger growth and higher inflation,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement.
The 30-year fixed mortgage…
