Mortgage rates continue to push higher, reaching a nine-month high as we look to June. Mortgage Bankers Association says average 30-year mortgage rates rose to 6.65% this past week.
That is a nine-month high. Rates had been trending lower since about this time last year, bottoming out at around 6% in late February, but rising every week since. The Bankers Association says this has resulted in an 8.3% decline in mortgage applications, the sharpest drop since late March.
Bottom Line Analysts add refinancing activity is now the slowest since late July of last year.
Audio Reporting by Mark Oppold for Southeast AgNet.
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