Mortgage Demand Plummets as Rates Rise Again

Weekly mortgage demand has dropped to a three-month low as mortgage rates began climbing again, with the average rate for 30-year fixed-rate mortgages increasing to 7.05%. This rise in rates led to a 5.7% decrease in total mortgage application volume, with both purchase and refinance applications falling. The limited availability of existing homes for sale and rising rates are impacting the housing market, as noted by the Mortgage Bankers Association.