Adjustable-rate mortgage demand doubles as interest rates hit the highest since 2009

by | Apr 28, 2022 | 0 comments

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Mortgage rates moved even higher last week, crashing refinance demand and prompting potential homebuyers to apply for riskier loan products which offer lower rates.

Total mortgage application volume fell 8.3% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand is now half of what it was a year ago.

 

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