29 Oct Rising Mortgage Rates Quash Appeal Of Refinancing
“The purchase market will stay strong even if rates go into the 4s or 5s,” President Richard LaNasa says to @TheBalance’s @DicconHyatt as the average 30-year fixed mortgage rate hits 3.3%, an 8-month high”
The Mortgage Bankers Association’s refinancing index, a measure of application volume, fell last week to its lowest level since late January 2020, before the onset of the pandemic. At the same time, the group’s measure of interest rates showed both the 30-year and 15-year fixed mortgage were averaging their highest levels in eight months. Those higher rates—3.30% for a 30-year and 2.59% for a 15-year—have left homeowners with less and less incentive to seek a more favorable interest rate, the group said Wednesday in its weekly report.