Applications Tumble As Rates Soar
Mortgage applications tanked last week, raising concerns over the market’s future. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 4.2%, supercharging after the week prior’s 0.8% decline. The average interest rate for 30-year fixed loans rose from 7.16% to 7.31%,…