As the economy continues to make improvements, interest rates have been on the climb up. As interest rates rise one trend is clear - the number of mortgage applications submitted tends to decline.

During the week of the Thanksgiving holiday the Mortgage Bankers Association (MBA) reported an overall decline of 12.8 percent in the number of mortgage applications submitted during that week. The MBA also took into consideration how the Thanksgiving holiday may have affected the number of applications submitted. They made an adjustment to the figure to account for this.

The number of applications submitted to refinance had the most notable drop, falling by 17.5 percent. The number of applications submitted for new home purchase loans fell by 4.1 percent.

The week of Thanksgiving was the fifth week in a row that the number of mortgage applications submitted fell. This can likely be attributed to the climbing mortgage rates. As the Fed continues to hint at possible tapering in the near future and economy continues to improve, mortgage rates are only climbing higher.

For information on current interest rates or to submit a mortgage application, call Prospect Financial Group, Inc. at 858-605-0952.