The number of residential mortgages originated in the fourth quarter tumbled to a nine-year low as inflation drove home-loan rates above 7%, according to a report on Thursday from ATTOM.
Americans signed 1.5 million mortgages in the closing three months of 2022, including purchase loans and refinancings, down 55% from a year earlier, as interest rates more than doubled, the real estate data firm said. Refinancings dropped to the lowest level in more than 20 years, the report said.
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