Worries the Federal Reserve
may begin to slow its stimulus efforts sent mortgage rates last week to
their highest level in a year, drying up demand for home refinancings,
data from an industry group showed on Wednesday.
The
Mortgage Bankers Association said interest rates on fixed 30-year
mortgage rates surged 12 basis points to average 3.9 percent in the week
ended May 24. It was the highest level since May 2012 and the biggest
jump in 14 months.
The rise sent the seasonally adjusted index
of mortgage application activity down 8.8 percent as refinancing
applications tumbled 12.3 percent. It was the biggest drop in refinance
applications this year as demand fell to the lowest level since
December.
READ MORE: http://www.cnbc.com/id/100772027
No comments:
Post a Comment