According to CNBC, applications to refinance a loan fell this week by 10 percent from the last, while purchase applications fell by 7 percent in the same time frame.
This fall coincides with the 30-year mortgage rate increasing to its highest level since early January based on data from the MBA’s chief economist Michael Fratantoni.
However, application volume was still up considerably from four weeks ago, which CNBC attributes to the change to lower premiums by the Federal Housing Administration.
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