Higher Interest Rates Sink U.S. Mortgage Demand By 40%
Higher interest rates are having a devastating effect on mortgage applications in the U.S., which have decreased by 41% from a year ago – the lowest since 2019. Refinancing is also being affected, while real estate experts warn of the consequences of tighter monetary policies in the coming months. Higher Interest RatesAs reported by CNBC, the average interest rate for 30-year fixed-rate mortgages with conforming loan balances grew from 4.80% to 4.90%. For loans with a 20% down payment, points dropped from 0.56 to 0.53, origination fee included. Q4 2021 hedge fund letters, conferences and more ...