Mortgage Demand Hits 25-Year Low
The Federal Reserve has raised interest rates six times in 2022 which has pushed 30-year mortgage rates to the highest levels they’ve been in over 20 years. This has led to a massive decline in mortgage demand hitting a 25-year low, mortgage demand is down 4% week over week and 38% year over year.
Why Mortgage Demand Is Down
Interest rates are pushing some buyers out of the market due to affordability, which is also pushing out a lot of potential refinances due to the higher interest rates we're seeing right now.
Rates are now back in line with what we have seen historically dating back to the pre-2000 years. This chart shows we're back to rates that we have really been seeing for most of the country’s…
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