US Mortgage Applications Fall 4.1%

US Mortgage Applications Fall 4.1%

US mortgage applications declined 4.1% in the week ending September 11. The average 30-year fixed mortgage rate rose from 6.85% to 6.97%. Home purchase applications fell 1% and were 19% lower year-over-year, while the refinance index dropped 9% and was 65% below the same period last year. Higher bond yields and mortgage rates, driven by concerns over inflation, energy prices, and future monetary policy, weighed on demand.