Real Estate

Mortgage demand from homebuyers drops to a 28-year low as interest rates soar


Homes in Centreville, Maryland, US, on Tuesday, April 4, 2023.

Nathan Howard | Bloomberg | Getty Images

Mortgage rates jumped last week to the highest level in 23 years, pushing mortgage demand from homebuyers to the lowest level in 28 years.

Total mortgage application volume fell 4.2% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.31% from 7.16%, with points rising to 0.78 from 0.68 (including the origination fee) for loans with a 20% down payment. Last year that rate was…


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