Mortgage applications drop on higher rates

Mortgage applications fell after the key 30-year fixed rate rose to a four-year high, the Mortgage Bankers Association (MBA) reported.

For the week ending Feb. 16, overall applications declined by 6.6 percent seasonally adjusted, the trade group said. MBA’s refinance index fell by 7 percent, while the adjusted purchase index was down by 6 percent compared to the prior week.

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