US mortgage rates are on the rise, while home loan refinancing applications are slowing down. Rates remain low compared to historical highs, but strong language from the Federal Reserve regarding the country’s economic future is accelerating the recent rise in rates.
The Mortgage Bankers Association notes that the volume of mortgage applications and refinancing activity is declining. By the end of Friday August 16, the number of mortgage applications had declined for the second straight week, down approximately 5 percent from the previous week.