Mortgage Apps Tumble As Rates Spike To 4-Year Highs

A week ago we warned "this won't end well" as mortgage rates started to spike, and this week's mortgage application data suggests it is...

The average 30Y mortgage rate rose 7bps this week to 4.57% - the highest level since January 2014.

Will higher rates break housing market momentum?

It appears to be impacting the mortgage application pipeline as purchase applications plunged 5.9% MoM - the biggest drop since October and September (impacted by storms).

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