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

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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.
Posted at 11:40 AM, Feb 19, 2021
and last updated 2021-02-19 18:09:57-05

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.

PREVIOUS: Las Vegas-area housing market ties record for median sales price in January 2021

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.

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