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As Rates Move Higher, Mortgage Demand Drops

  • May 21st

by UrbanTurf Staff

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Mortgage rate chart_05-15-25.png

Mortgage demand dropped last week as rates moved higher. 

Total mortgage application volume fell 5.1% last week, the Mortgage Bankers Association reported on Wednesday. Applications to purchase a home dropped 5% on a weekly basis, but increased 13% year-over-year. 

“Mortgage rates jumped to their highest level since February last week, with investors concerned about rising inflation and the impact of increasing deficits and debt,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “Higher rates, including the 30-year fixed rate increasing to 6.92 percent, led to a slowdown across the board. 

See other articles related to: mortgage demand

This article originally published at https://dc.urbanturf.com/articles/blog/as_rates_move_higher_mortgage_demand_drops/23527.

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