U.S. Home Purchase Applications Hit Lowest Since 1995 ...Middle East

U.S. mortgage applications for home purchases stumbled last week to an almost three-decade low, indicating residential real estate is reeling from the recent spike in borrowing costs. The Mortgage Bankers Association index of home-purchase applications fell 5% to 142, the lowest level since 1995. The Wednesday data also showed that the contract rate on a 30-year fixed mortgage increased 15 basis points to 7.31% in the week ended Aug. 18 — the highest since late 2000. [time-brightcove not-tgx=”true”] Including a decline in refinancing activity, the overall measure of mortgage demand dropped 4.2%. Borrowing costs have continued to rise so far this week, and Mortgage News Dai

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U.S. Home Purchase Applications Hit Lowest Since 1995 ...Middle East

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