Mortgage Demand Slump Deepens as Rates Climb to Highest Since 2006
Demand for home loans continues to slump as mortgage rates last week rose to their highest level in almost 21 years.
Mortgage application volumes for a home purchase loan fell 2 percent for the week ending Oct. 7, 39 percent lower than the same week in 2021, according to a report by the Mortgage Bankers Association on Oct. 12.
Application volumes dropped to their slowest pace since December 1999, as the housing market slowed to a crawl.
Refinance volume plunged by 1.8 percent and was down 86 percent compared to a year ago.
The market index last week fell to 214.3, after standing at 686.1 points year over year, according to Marketwatch….