Andy Kiersz/Business Insider Mortgage rates recently surged. From 3.6% on November 11, the average 30-year mortgage rate jumped to almost 4% on November 14. "This is a classic exogenous shock," said Mark Fleming, the chief economist at First American. "We had a rate path, and now there's a new rate path." On Thursday, a report from the Mortgage Bankers Association's showed that purchase and refinancing applications fell to the lowest level since January. The index that measures this activity fel...
The housing market is suddenly losing one of its biggest drivers
Business Insider - 19 Nov 2016 13:04
Andy Kiersz/Business Insider Mortgage rates recently surged. From 3.6% on November 11, the average 30-year mortgage rate jumped to almost 4% on November 14. "This is a classic exogenous shock," said Mark Fleming, the chief economist at First American. "We had a rate path, and now there's a new rate path." On Thursday, a report from the Mortgage Bankers Association's showed that purchase and refinancing applications fell to the lowest level since January. The index that measures this activity fel...
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