US mortgage refinancing demand drops 18% as rates hit a nine-month high
US mortgage rates climbed to their highest level in nine months, and refinancing demand fell 18%. Homebuyers also pulled back, though they remained more active than a year ago. The rise in rates is linked partly to inflation fueled by the Iran war.
US mortgage applications slid after rates rose to their highest level in nine months. According to the Mortgage Bankers Association, the sharpest fall was an 18% drop in refinancing demand.
Prospective homebuyers also turned more cautious, though they were reported to be more active than a year earlier. The higher borrowing costs are tied to months of inflation pressure and the Iran war's effect on energy prices.
Economists say a housing recovery could stay limited as long as rates remain elevated. This article is not financial advice; figures are based on industry data.
More from North America
UAE says OPEC exit was a strategic economic move, not political
The United Arab Emirates said its decision to leave OPEC was a strategic economic choice rather than a political one. Officials told CNBC the move lets the country deploy spare production capacity freely and align output with its energy diversification plans.
Snowflake soars 34% on earnings beat and $6 billion Amazon cloud deal
Data-cloud firm Snowflake jumped about 34% after beating quarterly estimates. The company plans to spend roughly $6 billion deepening its ties with Amazon Web Services and will adopt Amazon's Arm-based Graviton chips for its platform.
BlackRock weighs $5-10 billion investment in SpaceX IPO
BlackRock is in talks to commit between $5 billion and $10 billion to SpaceX's upcoming initial public offering, The Information reported. The investment, if completed, would mark one of the largest single-firm commitments to a US listing in years.