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Mortgage Demand Drops As Rates Hit 22-Year High

  • August 16th 2023

by UrbanTurf Staff

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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. 

“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.

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