21 days ago • Posted by Paul de La Baume
#Mortgage demand falls to lowest in 22 years. #rates #economy #stocks
The average contract interest rate for a 30-year fixed-rate mortgage increased to 5.4%. Applications for a mortgage to purchase a home fell 7% for the week. Refinance demand dropped 6% for the week and was down 75% year over year. Demand for mortgage applications hit the lowest level in 22 years, hurt by soaring interest rates and a somewhat expensive housing market after the strong run since the start of the pandemic. The soft macro data is a mild positive for stocks. US stocks are recovering in pre-market trading with the S&P500 lower by 0.3% and the Nasdaq100 unchanged.