"Surging 7% Interest Rates Spark Housing Affordability Crisis"

Mortgage application volume dropped 5.6% as interest rates for 30-year fixed-rate mortgages with conforming loan balances hit 7.04%, causing a 7% decrease in refinance applications and a 5% drop in applications for home purchases. The lack of existing inventory remains a primary constraint to increasing purchase volume, with mortgage rates above 7% exacerbating the issue. Additionally, mortgage rates have moved higher again, matching the highest level since early December 2023.