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Mortgage Demand Slides

In a recent article submitted by Diana Olick on CNBC, she reports that weekly mortgage demand from homebuyers tumbled 12%, as higher interest rates take their toll. She makes these key points:

  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 5.49% from 5.53%
  • Mortgage applications to purchase a home fell 12% week to week and were 15% lower compared with the same week one year ago.
  • Applications to refinance a home loan continued their landslide, falling another 10% week to week.

Here are links to recent articles on this topic:

Weekly mortgage demand from homebuyers tumbles 12%, as higher interest rates take their toll  By Diana Olick for CNBC

Rising mortgage rates and economic uncertainty have some people questioning the market.

Will rising rates curb home buyer demand in 2022?  A podcast by Aly J. Yale for The Mortgage Reports

Purchasing or refinancing a home is a time consuming process. When you are ready to have your closing documents signed and notarized the team of professional Mobile Notaries at Notary Near You make it a lot easier by coming to you at a convenient time!

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