You can’t spend too much time reading/watching the news recently without being well aware of the relatively unprecedented surge in mortgage rates seen so far in 2022. In particular, the month of March was one the worst on record with one individual week in March tying a week in June 2013 as the worst in more than 25 years. All that to say, rates are much higher!
The higher borrowing costs have had the same impact they always have when it comes to refinance applications. In this week’s Mortgage Application Survey from the Mortgage Bankers Association (MBA), refinances dropped another 10 percent, and are now 62 percent lower than the same week last year.
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