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Mortgage Demand Has Fallen By Half Since a Year Ago

With home prices high and rates rising, overall mortgage demand has tumbled by roughly half from the same time a year ago, according to one weekly measure. So reports CNBC.

finance 4599824 640small 150x150The Mortgage Bankers Association’s seasonally adjusted index showed that total mortgage application volume in the week ending June 10 was down 52.7% from a year ago.

“Mortgage rates followed Treasury yields up in response to higher-than-expected inflation and anticipation that the Federal Reserve will need to raise rates at a faster pace," MBA economist Joel Kan said in a statement.

Read the full article from CNBC.

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