(J. Lawler Duggan for The Washington Post)Strong employment numbers caused mortgage rates to take off with the 30-year fixed-rate average the highest it has been in nearly eight years. The central bank doesn’t set mortgage rates, but its decisions influence them. With rates rising, mortgage applications continued to diminish, according to the latest data from the Mortgage Bankers Association. “The steady rise in mortgage rates ... continues to weigh on mortgage applications, as total volume fell last week to its lowest level since December 2014,” said Bob Broeksmit, MBA president and chief executive. “Although purchase applications declined for the second straight week, mortgage lenders throughout the country say homebuyer demand is still strong.

Source: Washington Post November 08, 2018 15:17 UTC