Economy

Weak mortgage demand could get a big boost

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A house’s real estate for sale sign shows an upcoming open house in Washington, DC.

Saul Loeb | AFP | Getty Images

Mortgage demand stalled last week, as interest rates hit a multiyear high, but that will likely change quickly. Rates are now falling fast due to the Russian invasion of Ukraine.

Mortgage application volume was essentially flat compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Borrowers had no incentive to refinance, and homebuyers continue to face high prices and a severe lack of listings.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to…



Source cnbc.com

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