Mortgage demand declines 29% from last year as rates eclipse 6%

Mortgage demand appears to have nowhere to go but down, as interest rates go up.

Application volume dropped 1.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The week’s results include an adjustment for the observance of Labor Day. Since last year, homebuyers’ demand for mortgages has fallen by nearly a third.

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