Fast-rising interest rates are taking their toll on mortgage demand, as both potential homebuyers and current homeowners head to the sidelines. Total #mortgage application volume dropped 4.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Read more at the #linkinbio or the link on screen.
1:02
Fast-rising interest rates are taking their toll on mortgage demand, as both potential homebuyers and current homeowners head to the sidelines. Total #mortgage application volume dropped 4.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Read more at the #linkinbio or the link on screen.
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None of these are about being cheap. They're the small, repeated purchases that quietly eat the money that could have gone toward savings, investing, or a down payment. Cutting even two of them can change where you're at in a year. Equal Housing Opportunity. This is not a commitment to lend, all loans subject to credit approval, underwriting, appraisal, and final approval. Rates and terms vary based on credit score, loan amount, loan-to-value, occupancy type, and other factors. Licensed MLO in N
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The average rate on a 30-year mortgage is back above 7% for the first time in twenty months. It’s rough news for the housing market and homebuyers already struggling with rising prices elsewhere. It comes as Treasury yields, which impact borrowing costs across the economy, hit multi-decade highs. Amna Nawaz discussed more with David Wessell of the Hutchins Center on Fiscal and Monetary Policy. #pbsnews #pbsnewshour #mortgage #housing #pbs
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