Surging interest rates push mortgage demand down more than 40% from a year ago
Surging interest rates push mortgage demand down more than 40% from a year ago
Fast-rising mortgage rates are cutting demand for home loans drastically.
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Fast-rising mortgage rates are cutting demand for home loans drastically.
Fast-rising mortgage rates are cutting demand for home loans drastically.
Mortgage demand, which has suffered four straight months of declines, fell last week to the lowest level since 1997, as interest rates continued to rise. Homebuyers' demand for mortgages dropped 4% for the week and was 38% lower than the same week one year ago, according to the Mortgage Bankers Association. Applications to refinance a home loan fell 7% compared with the previous week, in seasonally adjusted terms. Demand was 86% lower than the same week one year ago. The number of borrowers who ...
Mortgage demand, which has suffered four straight months of declines, fell last week to the lowest level since 1997, as interest rates continued to rise. Homebuyers' demand for mortgages dropped 4% for the week and was 38% lower than the same week one year ago, according to the Mortgage Bankers Association. Applications to refinance a home loan fell 7% compared with the previous week, in seasonally adjusted terms. Demand was 86% lower than the same week one year ago. The number of borrowers who ...
Mortgage demand appears to have nowhere to go but down, as interest rates go up. Application volume dropped 1.2% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The week's results include an adjustment for the observance of Labor Day. Since last year, homebuyers' demand for mortgages has fallen by nearly a third. Mortgage rates, which had been easing slightly through July and August, pushed higher yet again, after Federal...
Mortgage demand appears to have nowhere to go but down, as interest rates go up. Application volume dropped 1.2% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The week's results include an adjustment for the observance of Labor Day. Since last year, homebuyers' demand for mortgages has fallen by nearly a third. Mortgage rates, which had been easing slightly through July and August, pushed higher yet again, after Federal...
CNBC's Diana Olick, joins 'The Exchange' to report on rising mortgage rates.
CNBC's Diana Olick, joins 'The Exchange' to report on rising mortgage rates.
Total mortgage application volume was 52.7% lower last week than the same week one year ago, according to the Mortgage Bankers Association's seasonally adjusted index. Sharply rising interest rates are decimating refinance volume, and those rates, along with sky-high home prices and a shortage of houses for sale, are hitting demand from potential buyers. Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5....
Total mortgage application volume was 52.7% lower last week than the same week one year ago, according to the Mortgage Bankers Association's seasonally adjusted index. Sharply rising interest rates are decimating refinance volume, and those rates, along with sky-high home prices and a shortage of houses for sale, are hitting demand from potential buyers. Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5....
Higher mortgage interest rates are hitting homebuyer affordability hard, and that is showing up in a sharp drop in mortgage applications.
Higher mortgage interest rates are hitting homebuyer affordability hard, and that is showing up in a sharp drop in mortgage applications.
Fast-rising mortgage rates are shutting current borrowers out of the refinance market and potential homebuyers out of the housing market.
Fast-rising mortgage rates are shutting current borrowers out of the refinance market and potential homebuyers out of the housing market.
CNBC's Diana Olick joins 'Squawk Box' to break down the latest data from the Mortgage Bankers Association.
CNBC's Diana Olick joins 'Squawk Box' to break down the latest data from the Mortgage Bankers Association.
CNBC's Diana Olick joins 'Squawk Box' to break down the latest mortgage rate and application data from the Mortgage Bankers Association.
CNBC's Diana Olick joins 'Squawk Box' to break down the latest mortgage rate and application data from the Mortgage Bankers Association.