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Mortgage Demand Sinks to Lowest Since 2018

A measure of weekly mortgage demand has fallen to its lowest level in almost four years. So reports CNBC.

MBAThe Mortgage Bankers Association’s seasonally adjusted index of mortgage loan application volume declined 2.3% for the week ending May 27, 2022, led by a 5% drop in refinances.

MBA’s associate vice president of economic and industry forecasting, Joel Kan, said in a statement, “Mortgage applications decreased to the lowest level since December 2018, as the purchase market continues to struggle with supply and affordability challenges.”

Read the full article from CNBC.

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