The Mortgage Bankers Association index of home-purchase applications fell 5% to 142, the lowest level since 1995.
The Wednesday data also showed that the contract rate on a 30-year fixed mortgage increased 15 basis points to 7.31% in the week ended Aug. 18 — the highest since late 2000. Borrowing costs have continued to rise so far this week, and , which updates more frequently, put the 30-year fixed rate at almost 7.5% on Tuesday.
Mortgage rates are benchmarked to U.S. Treasuries, and yields on those securities have been climbing as traders increasingly see a resilient economy keeping interest rates
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