Total Mortgage Volume Plunges 41%, Average Rate at 4.9%
- Hossain Akhtar
- U.S.A. New York City
Rising interest rates are wreaking a havoc in mortgage industry and may indicate a slowing housing market in the coming months. Total mortgage volume declined another 6% last week and plunged 41% from a year ago. Applications dropped 10% in the week and plunged 62% from a year ago. The average 30-year contract interest rate increased to 4.9% last week from 3.36% a year ago.