US Mortgage Applications Hit 28-Year Low as Rates Keep Rising
- Index slumped 6.9% last week on a seasonally-adjusted basis
- 30-year fixed-rate mortgage rose to 7.7%, sixth straight gain
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A measure of US mortgage applications stumbled to an almost three-decade low as borrowing costs increased for a sixth-straight week, indicating further downside momentum for a battered housing market.
The Mortgage Bankers Association’s overall index of applications to purchase or refinance a home slumped 6.9% in the week ended Oct. 13 to 166.9. That was the weakest reading since May 1995.