Home Refinances Plunge 40%
The Iranian conflict has caused the mortgage market to tremble, resulting in a sharp decline in demand, particularly for refinances. According to the Mortgage Bankers Association, the demand for mortgages fell precipitously for a third consecutive week, with a 10.4% decrease in total applications. Refinancing activity has decreased by 40% since late February due to a roughly 40 basis point increase in mortgage rates.
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