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Mortgage market cools down due to rising interest rates after large boom

Posted at 11:40 AM, Feb 19, 2021

LAS VEGAS (KTNV) — The mortgage market appears to have cooled down a bit.

The Mortgage Bankers Association says the number of mortgage applications and applications to refinance both fell about 5 % last week.

New home applications are also down.

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Experts blame the drop on rising interest rates.

Those are about 3% for a 30 year loan.

The Mortgage Bankers Association says it could also be the result of fewer homes on the market.