Rising mortgage rates are having an impact on the housing industry as several areas of the industry are seeing declines.
Interest in mortgage applications is one metric being affected. Demand slipped 1.2% from the previous week, according to the weekly survey from the Mortgage Banker's Association.
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Refinancing also took a hit. That index decreased 4% from the previous week and was 75% lower than the same week one year ago.
"The 30-year fixed rate declined for the second straight week to 5.46% but remains well above what borrowers were used to over the past two years," said Joel Kan, MBA’s associate vice president of economic and industry forecasting. "Most refinance borrowers continue to remain on the sidelines as a result, and refinance applications have fallen in nine of the past 10 weeks."