- ORIGINAL NEWS
7% interest rates hit weekly mortgage demand hard
- SUMMARY
Mortgage rates have risen slightly, with the average 30-year fixed rate now at 7.04%.
This increase has led to a drop in mortgage applications overall, as both homeowners looking to refinance and potential homebuyers are less inclined to borrow at higher rates.
Refinancing applications have decreased by 7% compared to the previous week and 1% compared to last year, while applications for home purchases have fallen by 5% and 12%, respectively.
The shortage of homes for sale continues to be a major hurdle for potential buyers, but the high mortgage rates are making it even more difficult for them to get into a home.
- NEWS SENTIMENT CHECK
- Overall sentiment:
negative
Positive
“mortgage rates above 7% sure don’t help”
Negative
“Applications to refinance a home loan were 7% lower than the previous week and were 1% lower than the same week one year ago.”
“mortgage demand from both current homeowners and potential homebuyers”
“Applications for a mortgage to purchase a home dropped 5% for the week and were 12% lower than the same week one year ago”