The decline came as mortgage rates climbed above 7.5%, according to Mortgage Bankers Association data.
Home loan applications sank to their lowest level since the mid-1990s last week as mortgage rates climbed above 7.5%, according to Mortgage Bankers Association data.
“As a result, mortgage applications ground to a halt,” said Joel Kan, the association’s deputy chief economist. The rise in rates has increased the share of applications for adjustable-rate mortgages, or Arms. The share of applications for adjustable loans increased to 8% from 7.5% last week.
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