Homebuyers got some more bad news.
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00:00For the first time in more than two months mortgage rates are on the rise the rate on a 30-year mortgage
00:04Increased by five basis points climbing to six point seven two percent in the week that ended on March 14th
00:10The rate increase led to a more than six percent drop in total mortgage application volume according to the Mortgage Bankers Association
00:17But despite the rate increase
00:18Applications for a mortgage to buy a home ticked up point one percent and are six percent higher than they were the same week a year
00:26According to the MBA's chief economist purchase application volume inched up to its highest level in six weeks led by a three percent increase in
00:33FHA purchase applications growing inventories of homes on the market and steadier mortgage rates are supporting home buying activity thus far this spring
00:41Applications to refinance a home loan however fell by 13% for the week although they're up a whopping
00:4670% from this time last year
00:48Things could change quickly for mortgage rates Fed Chairman Jerome Powell is expected to announce the FOMC's
00:53Decision on what it plans to do with interest rates on Wednesday March 19th. That'll do it for your daily briefing from New York City
00:59I'm Kelsey Barbario with the street