Mortgage rates race toward 8% as demand plummets to three-decade low

Posted on AllSides October 5th, 2023
From The Right

A key measure of home-purchase applications tumbled last week to a nearly three-decade low as consumer demand cooled sharply amid a recent surge in mortgage rates.

The Mortgage Bankers Association's index of mortgage applications fell 6% last week to the lowest level since 1996, according to new data published Wednesday. 

The data also showed that the average rate on the popular 30-year loan climbed for the fourth straight week to 7.53%, the highest level since 2000. By comparison, just one year ago, rates hovered around 5.65%. 

"Mortgage rates continued to move higher...

Read full story
https://www.foxbusiness.com/economy/mortgage-rates-race-demand-plummets-three-decade-low

More News about Housing and Homelessness from the Left, Center and Right

From the Left

From the Center

From the Right