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Mortgage Demand Drops As Rates Rise

  • April 23rd

by UrbanTurf Staff

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Mortgage demand fell last week as interest rates rose to nearly two-month highs. 

Total mortgage application volume dropped 12.7% last week, the Mortgage Bankers Association reported on Wednesday. Applications to purchase a home fell 7% week over week, but increased 6% year-over-year. Refinancing demand fell 20% for the week, and were 43% higher than last year. 

“Similar to the previous week, economic uncertainty and rate volatility impacted prospective homebuyers,” Joel Kan, MBA vice president and deputy chief economist said in a release. “The 30-year fixed rate rose for the second straight week to 6.9 percent, an almost 30-basis-point increase over two weeks.”

See other articles related to: mortgage demand

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_drops_as_rates_rise/23435.

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