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:
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
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