Mortgage Applications For U.S. Homes Fall in Latest Week

Mortgage applications for U.S. homes decreased last week as interest rates hit an all-time high in several months. According to the Mortgage Bankers Association, total mortgage applications for the week ending September 19th fell roughly 4.1%. The Market Composite Index decreased by 0.9% on a seasonally adjusted basis from one week earlier and on an unadjusted basis, the Index decreased by 2% compared to the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.19%, up two basis points from 4.17% the week before. And the average contract interest rate for 15-year fixed rate mortgages remained unchanged at 3.38%. Total applications to refinance a loan fell 7.1%, which is the lowest level since January 2014.