Mortgage Demand Falls to Lowest Level in 22 Years

Mortgage Demand, Falls to Lowest Level in 22 Years.

According to the seasonally adjusted index presented by the Mortgage Bankers Association.

Mortgage applications fell 6.5% last week compared to the week before.

Applications are down 21% compared to the same time a year ago.

CNBC reports that the average interest rate for a 30-year fixed-rate mortgage rose to 5.40%.

The demand for refinancing fell 6% for the week to be 75% lower than the same time a year ago.

While rates were still lower than they were four weeks ago, they remained high enough to still suppress refinance activity.

Only government refinances saw a slight increase last week.

, Joel Kan, an MBA economist, via CNBC.

The purchase market has suffered from persistently low housing inventory and the jump in mortgage rates over the past two months.

These worsening affordability challenges have been particularly hard on prospective first-time buyers, Joel Kan, an MBA economist, via CNBC.

The purchase market has suffered from persistently low housing inventory and the jump in mortgage rates over the past two months.

These worsening affordability challenges have been particularly hard on prospective first-time buyers, Joel Kan, an MBA economist, via CNBC.

The start of this week saw mortgage rates creep even higher.

There’s some chance that the upper boundaries of that range end up being a ceiling for rates, but that will depend on inflation and other incoming economic data, Matthew Graham, chief operating officer at Mortgage News Daily, via CNBC.

With a key inflation report set to release on Friday morning, the potential for volatility remains high, Matthew Graham, chief operating officer at Mortgage News Daily, via CNBC