Mortgage demand from homebuyers drops 19% from a year ago, as interest rates surge abruptly higher (United States)

Fast-rising interest rates are taking their toll on mortgage demand, as both potential homebuyers and current homeowners head to the sidelines. Total mortgage application volume dropped 4.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Last week’s results include a separate adjustment for the Labor Day holiday. 

  

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