Mortgage applications fell 13.3% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.62%.
Demand for mortgages fell 13.3% in the latest week as rates go back to highs last seen in November.
Demand for purchase applications has plunged to the lowest level in nearly three decades, since 1995, the MBA said. The big picture: The housing market is incredibly rate-sensitive, and it’s demonstrating that in the latest data. Every percentage point increase in mortgage rates affects a buyer’s wallet, so it’s clear why they’re putting off purchasing a home.
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