Mortgage Rate Rise Damps Refinancings
From Reuters
A rise in mortgage rates to their highest level of the year slowed requests for home loan refinancings last week, an industry survey found, but demand for loans to buy homes remained robust.
The Mortgage Bankers Assn. said its measure of demand for mortgage refinancings, the refinancing index, fell 5.8% to 2,403 in the week ended Friday.
Average interest rates on 30-year mortgages rose 17 basis points to 6.01%, the MBA said.
The MBA’s market index, a measure of overall lending activity, rose 0.5% to 748.
From Reuters
