Mortgage Markets Shudder as Interest Rates Soar Past 7% Mortgage demand is dropping as interest rates breached the 7% threshold, marking a significant setback for prospective homebuyers and refinancers alike. Last week witnessed a sharp 10.6% drop in total application volume, as reported by the Mortgage Bankers Association, driven by the steepest interest rate spike since early December. The average rate for a 30-year fixed mortgage ascended to 7.06%, dampening the spirits of many, with refinance applications falling 11% from the week prior and purchase applications plummeting by 10%. The current scenario places potential homeowners and those looking to refinance in a challenging position, as the cost of borrowing climbs higher, significantly impacting the housing market’s dynamics. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts The Office Meltdown Will Result in $1 Trillion of Losses, Says Real Estate Billionaire READ MORE Emerging Market Debt Issuance Hits Record High in January READ MORE Gold Declines as Traders Consider Odds for Later Fed Rate Cuts READ MORE Gold Clings to Stability Amid High Interest Rate Fears READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment