Market Updates
Total Mortgage Volume Plunges 41%, Average Rate at 4.9%
Hossain Akhtar
06 Apr, 2022
New York City
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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.
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