Applications for mortgages are dropping as mortgage interest rates keep rising while home sellers are lowering their prices as additional supply hits the market, according to multiple reports.
The interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) was 4.90 percent in the week ending April 1, up from 4.80 percent a week ago, an April 6 news release by the Mortgage Bankers Association (MBA) stated.
