Mortgage rates are continuing their upward climb, reaching levels not seen since 2006, while mortgage applications for house purchases were down 37% last week compared with a year ago.
Rising interest rates and bond yields are driving up the cost of borrowing, putting home buying out of reach for more Americans, and potentially dampening prices., its highest point in 16 years, according to the Mortgage Bankers Association.
Unsurprisingly, refinancing activity is rapidly slowing, accounting for the bulk of the decline in total mortgage applications.
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