Mortgage Rates Hit Highest Levels This Year

Mortgage applications fell for the third week in the United States as mortgage rates continue to rise. Mortgage rates have reached the highest level this year but have yet to affect purchase loan demands. According to the Mortgage Bankers Association, the seasonally adjusted index of mortgage application activity dropped 2.5% last week. As mortgage rates begin to rise, housing market experts expect home prices to fall slightly by the end of the year in order to balance the market. More here

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