Mortgage refinancing drops to a 20-year low
Yahoo Finance's Akiko Fujita discusses how the rise in mortgage rates is dampening refinancing activity in the housing market.
Video Transcript
AKIKO FUJITA: --of the day today, coming in as fresh data shows mortgage refinancing dropping to a 20-year low as rates rise. And our Chart of the Day-- you guessed it-- the climbing rate of the 30-year fixed mortgage, according to Mortgage News Daily, we are now at the 7% level. Yes, 7%. That is a level we haven't seen in nearly 20 years. By the way, some data coming in from Mortgage Bankers Association with applications to refinance a home loan also dropping 11% for the week. That is about 84% lower when you compare it to the same week a year ago.
