Mortgage demand from homebuyers drops to a 28-year low

Posted on AllSides March 1st, 2023
From The Center
David Paul Morris | Bloomberg | Getty Images

Mortgage rates moved higher again last week, pushing buyers back to the sidelines just as the spring housing market is supposed to be heating up.

Mortgage applications to purchase a home dropped 6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 44% lower than the same week one year ago, and is now sitting at a 28-year low.

This as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.71% from...

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https://www.cnbc.com/2023/03/01/mortgage-demand-falls-interest-rates-rise.html

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