New data from the Mortgage Bankers Association shows that the average interest rate on one of the most popular home loans in the United States is now above 6 percent for the first time since 2008.
According to CNBC, mortgage application volume dropped 1.2% last week compared to the week before that. Matthew Graham, chief operating officer of Mortgage News Daily, said of last weeks mortgage rate jump, “It was one of the last shoes to drop before the Fed announcement on September 21st, and it arrived at a time where the market had fully priced in a 75bp hike, but was willing to consider something even higher if the data was convincing.”
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