April 28, 2024 7:42 am
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Economy Watch: Mortgage applications drop as rates rise

economy-watchBy Dees Stribling | MHN Online

The Mortgage Bankers Association reported on Wednesday that mortgage refinance activity is at its lowest level since 2009. The organization’s Refinance Index has, for the week ending September 6 (with an adjustment for Labor Day), dropped 71 percent since its most recent peak during the week of May 3, just before interest rates started their upward creep.

On the whole, according to the MBA, mortgage applications are down as well. The number of applications dropped 13.5 percent for the week of Sept. 6 compared with one week earlier.

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