US Edition
Weekly mortgage demand plummets 10%, as rates and economic concerns rise
UNITED STATES, JUL 16 – Mortgage demand fell 10% last week amid rising rates and economic uncertainty, marking the slowest pace since May, the Mortgage Bankers Association reported.
- On July 11, the Mortgage Bankers Association survey found the Market Composite Index fell 10.0%, covering the week ending July 11.
- Rising yields prompted mortgage rates to tick up, and mortgage rates rose after two weeks of declines.
- The refinance share increased to 41.1% of total applications, and rates for 5/1 ARMs climbed 7 bps to 6.08%.
- Purchase activity slowed to its slowest pace since May, with applications to buy a home dropping 12% and remaining 13% above last year’s level.
- Prospective buyers brace for a `higher for longer` rate environment, as economists project mortgage rates will remain stable in the coming months.
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33 Articles
Associated Press News+20 Reposted by 20 other sources
Average long-term US mortgage rate rises to 6.75%, second straight uptick
The average rate on a 30-year U.S. mortgage rose for the second week in a row, another setback for the U.S. housing market, which is mired in a sales slump as affordability constraints shut out prospective homebuyers.
·United States
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Coverage Details
Total News Sources33
Leaning Left6Leaning Right1Center18Last UpdatedBias Distribution72% Center
Bias Distribution
- 72% of the sources are Center
72% Center
L 24%
C 72%
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