Mortgage Demand Declines as Rates Continue to Rise
Demand for mortgages dropped as interest rates rose to new highs, with both purchase and refinance mortgage applications registering weekly declines. MBA’s Market Composite Index, which measures mortgage loan application volume, fell by 5.7 percent for the week ending May 12 compared to the previous week, according to a May 17 press release. Joel Kan, MBA’s vice president and deputy ...
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