Mortgage Demand Slump Deepens as Rates Climb to Highest Since 2006

Mortgage Demand Slump Deepens as Rates Climb to Highest Since 2006
A 'for sale' sign hangs in front of a home in Miami, Fla., on June 21, 2022. Joe Raedle/Getty Images
Bryan Jung
Updated:
0:00

Demand for home loans continues to slump as mortgage rates last week rose to their highest level in almost 21 years.

Mortgage application volumes for a home purchase loan fell 2 percent for the week ending Oct. 7, 39 percent lower than the same week in 2021, according to a report by the Mortgage Bankers Association on Oct. 12.
Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
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