Mortgage demand reached its lowest level in about 30 years, as high borrowing costs kept potential buyers away.

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Mortgage Demand At Lowest Level In 30 Years

Mortgage demand at its lowest level in about 30 years. As those high borrowing costs or interest rates still keep would be buyers out of the market, not to mention inflation. It's so expensive to buy anything these days that any money you had saved up for a house is probably getting used for other purchases like food and shelter. Well volume for new mortgage applications in refinancing, falling 6% last week from the week before demand down significantly from a year ago at its lowest in 28 years and the drop off Communist mortgage rates are on the rise, again, staying above 6.5% while most homeowners are locked in at far lower rates. In fact, the average 30 year fixed rate a year ago, that was about 4%.