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As mortgage rates climb, loan demand, refinancing drops
This is the silver lining for buyers in today’s market: Economist
Realtor.com chief economist Danielle Halle weighs in on mortgage rates climbing to their highest levels since mid-July, pressuring the already cooling housing market on ‘Maria Bartiromo’s Wall Street.’
Rising interest rates continue to impact areas of the housing industry.
In the past week, mortgage rates increased to 5.66% from 5.55%.
Overall demand for mortgage applications fell by 0.8%, according to the weekly survey from the Mortgage Banker's Association.
One area in particular that is seeing the impact of higher rates is refinancing.
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