Mortgage Demand Drops To 22-Year Low
Couple holding sold sign for their new house
The housing market continues to cool in response to inflation and rising interest rates.
Demand for mortgages dropped another 6% this week, reaching its lowest point since the year 2000 and down 19% from this time last year.
The current average rate for a 30-year fixed-rate mortage is 5.82% – nearly double last year’s rate of 3.11%
Mortgage demand dropped to a 22-year low as higher interest rates and inflation crush homebuyers https://t.co/VYzXCNsIBO
— CNBC (@CNBC) July 20, 2022
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