US mortgage applications fall to the lowest level since 1995
US mortgage applications fell to the lowest level in nearly three decades last week as interest rates on the most popular type of home loans rose for the sixth straight week to the highest level since 2000.
The yield on the benchmark 10-year US Treasury bond, which has a major influence in determining mortgage interest rates, rose to more than 4.8% this week, hitting the highest level since 2007.
The Mortgage Bankers Association's weekly index of mortgage applications fell 6.9% in the week ending October 13 to 166.9, the lowest level since May 1995. Applications for home loans fell 5.6%, the lowest level since February 1995. Home financing declined 5.6% to the lowest level since February 1995, and existing mortgages declined 9.9% to the lowest level since January.
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