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Mortgage Rates pass 6%, the Highest in a Decade

Volatility is a word commonly used this year to describe the mortgage rate pace over the past year. In an article titled Mortgage Rates Hit 6%. World is Not Ending. May Just Be Beginning, written by Matthew Graham for Mortgage News Daily, he provides notable details and graphs that provide insights into what has prompted this volatility.

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Notary Near YouMortgage Rates pass 6%, the Highest in a Decade
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Comments on Rising Interest Rates

In a recent CNBC interview, Kansas City Federal Reserve President Esther George noted that the Fed is looking to tighten financial conditions, of which equity markets are a component, in an effort to tamp down price increases running at their fastest pace in more than 40 years

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It’s No Surprise that Refinance Mortgage Application Volume Continues to Fall

If you have kept an eye on mortgage interest rates as they climb to the highest point in years, it’s no surprise to read this article on MortgageNewsDaily state “The Mortgage Bankers Association’s (MBA) latest weekly mortgage application data shows an ongoing and unsurprising decline in refinance applications.” In light of increased prices and rising rates it is interesting to note that purchase application volume is only seeing a slight decline.

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Notary Near YouIt’s No Surprise that Refinance Mortgage Application Volume Continues to Fall
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Mortgage Interest Rates have seen Biggest Quarterly Climb in 28 years

This spike is a result of rising inflation and Federal Reserve rate hikes. The consumer price index (CPI) rose to 8.5% which is the highest level since 1981. The Federal Reserve starting rate hikes in March was the first increase since 2018. It is expected that the Federal Reserve will continue with rate hikes due to current aggressive inflation.

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Notary Near YouMortgage Interest Rates have seen Biggest Quarterly Climb in 28 years
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