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Mortgage activity hits 25-year low as rates rise

In the past week, overall application activity dropped to its slowest pace since 1997.

Demand for mortgage applications plunged 14.2%, according to the weekly mortgage application survey from the Mortgage Banker's Association.

"The 30-year fixed rate hit 6.75% last week – the highest rate since 2006," said Joel Kan, MBA’s associate vice president of economic and industry forecasting. "The current rate has more than doubled over the past year and has increased 130 basis points in the past seven weeks alone."

The Refinance Index decreased 18% from the previous week and was 86% lower than the same week one year ago.

The Purchase Index decreased 13% from one week earlier.

more https://www.foxbusiness.com/economy/mortgage-activity-hits-25-year-low-as-rates-rise