Mortgage Demand Drops As Rates Hit 22-Year High
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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.
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“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.
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This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_drops_as_rates_hit_22-year_high/21356.
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