Mortgage demand and applications decline as interest rates rise.
TL;DR
The Mortgage Bankers Association's index of mortgage applications fell 5.7% last week as higher mortgage rates cooled consumer demand for home purchases and refinancing. The interest rate-sensitive housing market has cooled rapidly in the wake of the Federal Reserve's aggressive tightening campaign. Limited inventory has also bolstered demand and prices this month.
Topics:businessreal-estate#home-purchase#housing-market#inventory#mortgage-rates#real-estate#refinancing
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