US mortgage applications fall again as rates climb near 7%
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Mortgage applications in the US declined by 1.2% in the week ending May 23, following a 5.1% drop the previous week, according to the Mortgage Bankers Association (MBA).
Refinancing applications fell 7%, while new purchase applications dropped 2.7%. Meanwhile, the average 30-year mortgage rate rose to 6.98% from 6.92% the week before.
Refinancing applications fell 7%, while new purchase applications dropped 2.7%. Meanwhile, the average 30-year mortgage rate rose to 6.98% from 6.92% the week before.