Mortgage Applications Plummet Amid Rising Interest Rates

Mortgage demand fell by 10.8% last week as interest rates for 30-year fixed-rate mortgages rose to 6.81%, according to the Mortgage Bankers Association. This marks the sixth consecutive week of declining applications, with refinance activity dropping 19% and purchase applications decreasing by 5%. The rise in rates is pricing some buyers out of the market, despite an increase in home supply and slightly easing prices. Economic concerns and the upcoming Federal Reserve rate decision are contributing to market volatility.