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Mortgage applications sink on higher rates

Mortgage applications fell after key interest rates hit three-year highs, the Mortgage Bankers Association (MBA) reported.

For the week ending Feb. 9, MBA’s overall application index declined 4.1 percent seasonally adjusted. The refinance index declined by 2 percent from the prior week and the adjusted purchase index fell by 6 percent.

The refinance share increased by 10 basis points to 46.5 percent.

"As the stock markets continued to swing, Treasury rates moved higher last week and as a result mortgage rates increased to their highest level since January 2014,"  MBA economist Joel Kan said.

“Refinance activity is continuing along a floor, while the drop in purchase may be related to short term stock market jitters,” Kan said. He noted that purchase applications still ran 4 percent higher than the same week one year earlier. 


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