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
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