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U.S. Mortgage Applications Decline as Rates Hit 12-Year High

  • Purchase, refi applications both fell last week, MBA data show
  • Average 30-year fixed mortgage rate increases to 5.2%
Updated on

U.S. mortgage applications slid for a sixth straight week as mortgage rates climbed to a 12-year high, weighing on both home purchases and refinancing.

The Mortgage Bankers Association’s index of total applications dropped 5% in the week ended April 15 to 374, the lowest since February 2019, the Washington-based group said Wednesday.