Mortgage Applications Down Last Week-MBA

Applications for U.S. home mortgages decreased last week as rising interest rates led to a sizable decrease in refinancing activity and purchasing, an industry group said on Wednesday.

"The increase in mortgage rates has reduced application activity across the board, particularly for refinances. Refinance applications are down more than 60 percent relative to this time last year," Michael Fratantoni, MBA's senior director of single family research and economics, said in a press release.

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