Mortgage rates are now at the highest level they have been since 2010.
MIAMI (CBSMiami/AP) — Mortgage rates are now at the highest level they have been since 2010. According to the Mortgage Bankers Association, home loan demand fell 5% last week compared to the week prior. Demand for refinancing slid another 8% for the week and is 68% lower from the same time a year ago. Sales of previously occupied U.S. homes also slowed in March to the slowest pace in nearly two years, down 4.5%, amid the swift rise in mortgage rates and record-high prices which discouraged would-be homebuyers. That’s in line with what economists had been expecting, according to FactSet. Rising mortgage rates are complicating the homebuying equation during the spring homebuying season, traditionally the busiest period for home sales.
