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Mortgage Demand Sinks to Lowest Since 1997

Demand for mortgages from homebuyers and refinancers has continued to slide, reaching its lowest level in 25 years. So reports CNBC.

arrow 15544 640smallThe Mortgage Bankers Association’s seasonally adjusted index shows mortgage application volume fell 4.5% in the week ending October 14, marking the fourth month of declines.

“The speed and level to which rates have climbed this year have greatly reduced refinance activity and exacerbated existing affordability challenges in the purchase market," MBA economist Joel Kan said in a statement.

Read the full article from CNBC.

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