Mortgage rates rose for the third straight week last week, matching a 22-year high.
As a result, mortgage demand dropped as well.
Total mortgage application volume was 29% lower than the same week one year ago, according to the Mortgage Banker's Association's seasonally adjusted index.
That was the third straight weekly increase and the highest level since October 2022, which also matches a high level seen in 2001.
As a result, mortgage demand from homebuyers was essentially flat week to week and 26% lower than the same week one year ago.
Persons:
Joel Kan
Organizations:
Federal Housing Administration, Mortgage News