Mortgage Activity Down As Rates Climb

English: Mortgage rates historical trends
English: Mortgage rates historical trends (Photo credit: Wikipedia)

Activity was down in the mortgage market last week as a result of spiking interest rates, according to recent reports.  Rates spiked last week on a better than expected jobs data, with the average rate for a 30-year fixed-rate mortgage hitting 4.558%, up from 4.480% the week prior.  Refinances took the biggest hit last week, but conventional loans also suffered.  There was a 7% decline from the previous week, compared to last year at this time.  The market activity dropped by nearly a third.  Low inventory has been some of the reason for conventional financing, hopefully sellers will strike on the low inventory market.

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