Mortgage demand falls to lowest level in 27 years
Mortgage applications are now at the lowest level in 27 years.
The market index fell by 13.2% to 184.5 for the week ending December 30, from two weeks earlier. A year ago, the index stood at 572.8.The purchase index — which measures mortgage applications for the purchase of a home — fell by 12.2% from the last two weeks. Purchase applications were low due to mortgage rates staying firmly above 6%.
But the last two weeks of December are usually slow, so look to next week’s report to get a better sense of mortgage demand.
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