Real Estate

Mortgage demand falls to the lowest level since 1995 as interest rates near 8%


Signage is seen at The Collection at Morristown, a housing development by Lennar Corporation, in Morristown, New Jersey, November 13, 2021.

Andrew Kelly | Reuters

Mortgage rates last week rose for the sixth straight week, causing demand for home loans to drop to the lowest level since 1995.

Total application volume fell 6.9% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.70% from 7.67% and points decreased to 0.71 from 0.75 (including the origination fee) for loans with a 20% down payment. That is the…


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