1152 - Mortgage Rates Reach Multidecade Highs Again And Demand is Now Falling by Aly Yale
Mortgage rates hit their highest point in nearly 23 years last week, and consumers responded accordingly. According to the Mortgage Bankers Association (MBA), mortgage applications to purchase a home were down 27% compared to a year ago, while refinance applications were 21% lower.
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Show Notes
Mortgage rates hit their highest point in nearly 23 years last week, and consumers responded accordingly. According to the Mortgage Bankers Association (MBA), mortgage applications to purchase a home were down 27% compared to a year ago, while refinance applications were 21% lower.
“Overall applications declined, as both prospective homebuyers and homeowners continue to feel the impact of these elevated rates,” says Joel Kan, MBA vice president and deputy chief economist, in a press release.
“Elevated” is certainly one way to put it. The average rate on 30-year, fixed-rate mortgages hit 7.31%—the highest level since late 2000. At the same time, jumbo mortgage rates hit their highest point in MBA’s recorded history (since 2011).
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