As mortgage rates rose to new highs for the third straight week, demand is taking a hit.
Mortgage application volume fell about 1% last week compared to the previous week, the Mortgage Bankers Association (MBA) reported on Wednesday.
“Treasury rates were elevated again last week following mixed data on inflation and more indication of resiliency in the economy, which may pose a challenge to the Federal Reserve’s efforts to lower inflation,” Joel Kan, MBA’s Vice President and Deputy Chief Economist, said in a release.
On Thursday, Freddie Mac will release its weekly interest rates.
See other articles related to: mortgage demand
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_drops_as_rates_hit_22-year_high/21356.
Most Popular... This Week • Last 30 Days • Ever
Here are some precautions to take before buying real estate with a buddy.... read »
The largest development on the boards for the H Street Corridor will go before DC's B... read »
The plans for 7749 Old Georgetown Road will go before the Montgomery County Developme... read »
Today, we highlight the five DC neighborhoods that have been the most affordable to h... read »
The red wall near the corner of 30th and M Street NW hit the market back in July for ... read »
With interest rates reaching their highest levels in 22 years, it is critically impor... read »
Plans have been filed with DC's Historic Preservation Office to convert the building ... read »
The change would allow for an 80-acre portion of DC's 272-acre Armed Forces Retiremen... read »
An application filed with DC this week signals the end is nigh for a McDonald's locat... read »
Madison Highland Live/Work Lofts has plans in the works to convert the 12-story offic... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro