Weekly mortgage applications to buy a home hit the lowest level in a month as rates continue to rise

Diana Olick | August 01, 2018

Weekly mortgage applications to buy a home hit the lowest level in a month as rates continue to rise
The highest interest rates in about a month and high home prices took their toll on the mortgage business last week. Total mortgage application volume slipped 2.5 percent from the previous week and 12 percent from a year ago, according to the Mortgage Bankers Association's seasonally adjusted report. While homebuyers are less sensitive to weekly rate moves, mortgage applications to buy a home fell for the third straight week to the lowest level in a month. Application volume for homebuyers was down 3 percent for the week and just 1 percent higher than a year ago. Home sales have been weakening for months as high prices hit affordability and low inventory limits choices.

Spotlight

Surprises await in the Oxford. Separate 1-car and 2-car garages create a courtyard-like entrance, leading to a 2-story foyer. The main floor layout has the Laundry rooms and Mud rooms tucked away, with space for a drop zone and extra cabinets, or choose to create a large Hobby.


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Spotlight

Surprises await in the Oxford. Separate 1-car and 2-car garages create a courtyard-like entrance, leading to a 2-story foyer. The main floor layout has the Laundry rooms and Mud rooms tucked away, with space for a drop zone and extra cabinets, or choose to create a large Hobby.

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