Surging bond yields, a hawkish Fed and a lack of new supply is hitting mortgage applications hard, with purchase activity at levels last seen in 1995, according to the Mortgage Bankers’ Association.
U.S. mortgage rates rose past 7.5% for the first time in more than two decades last week, an industry lobby group said Wednesday, with the home purchase market slowing to the lowest levels since 1995 amid the surge in Treasury bond yields and signals of further interest rate hikes from the Federal Reserve.said average 30-year fixed rates for conforming loan balances of less than $726,200 rose 12 basis point to 7.
The MBA said its refinancing index slumped 6.6% as homeowners balked at swapping out lower-rated loans for more expensive mortgages. The surge in rates, which has tracked both the long-run of Federal Reserve rate hikes and a surge in Treasury bond yields that has lifted benchmark 10-year notes to a 2007 high of 4.83%, have pounded both homebuilder sentiment and new housing construction.
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