Mortgage Rates Hit 7.30%, Demand Drops 6% for Six Weeks

Mortgage rates increased for the sixth consecutive week, reaching 7.30%, the highest level since November 2023. This led to a 6% decrease in weekly mortgage demand according to the Mortgage Bankers Association. Refinance applications dropped 9% week-over-week and were 56% lower than the same week last year. Additionally, applications for home purchases fell by 4% and were 14% lower than a year ago. This trend indicates increasing costs for borrowing, which may affect homebuyer demand and overall market activity in real estate.