As mortgage rates climb, loan demand, refinancing drops

Posted on AllSides September 7th, 2022
From The Right

Rising interest rates continue to impact areas of the housing industry.

In the past week, mortgage rates increased to 5.66% from 5.55%.

Overall demand for mortgage applications fell by 0.8%, according to the weekly survey from the Mortgage Banker's Association.

One area in particular that is seeing the impact of higher rates is refinancing.

The refinancing index declined 1% from the previous week.

"Mortgage rates moved higher over the course of last week as markets continued to re-assess the prospects for the economy and the path of monetary policy, with expectations for...

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