Mortgage Demand Drops to Lowest Level in 26 Years as Housing Market Slump Continues

Mortgage Demand Drops to Lowest Level in 26 Years as Housing Market Slump Continues
A 'For Sale' sign hangs in front of a home in Miami, Fla., on June 21, 2022. Joe Raedle/Getty Images
Naveen Athrappully
Updated:
0:00

Mortgage demand has fallen in the past two weeks to its lowest level since the 1990s as elevated mortgage rates and fears of a recession take a toll on the market, according to latest data from the Mortgage Bankers Association (MBA).

The Market Composite Index, which measures the volume of mortgage loan applications, fell 13.2 percent for the week ended Dec. 30 on a seasonally adjusted basis when compared to two weeks earlier, according to an MBA press release on Jan. 4. On an unadjusted basis, the decline was 39.4 percent.
Naveen Athrappully
Naveen Athrappully
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Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.
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