Mortgage Demand Drops 19% Year Over Year as Rates Surge

Mortgage demand has decreased, with total application volume down 4.1% last week and 19% lower than the same week a year ago, according to the Mortgage Bankers Association. The average interest rate for 30-year fixed-rate mortgages rose to 6.97%, up from 6.85%. Refinance applications fell 9% for the week and are down 65% year-over-year. High home prices and rising interest rates continue to impact buyer interest, making this a critical time for investors to gauge the housing market's direction.