Mortgage Applications Drop at End of Year

By Kyle Chezum Updated on 1/5/2011

1/05/11

According to the Mortgage Bankers’ Association, mortgage applications dropped off sharply the week before Christmas.  They rose again the week after, but the market saw a decrease overall.  This is likely due to the recent increase in interest rates.

Interest rates have maintained the comparative high levels reached in mid December, with 30 year fixed rate loans going at 4.84%.  The week before Christmas, rates jumped up to almost 5%, the highest they’ve been since May.

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