Mortgage Applications Hit Lowest Level Since 1996

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Those high borrowing rates are having an impact on the housing market. Tell us more about that. That's exactly right. So demand for mortgages is stalling Hana rates rise to their highest level in more than two decades. Mortgage application volume fell 8/10 of a percent last week from the week before. According to the mortgage bankers association, the average contract rate for a 30 year fixed mortgage rose to 7.3% from 7.2%. And demand for refinancing fell to by about 5% for the week and 31% compared to last year refinances as a share of overall mortgage activity dipped to 29% from 30% the week before. And for comparison, refinancing accounted for 63% of all mortgage activity at this time back in 2020.