Demand for mortgage loans declined last week when mortgage rates surged due to Federal Reserve Chairman Jerome Powell’s speech indicating that combating persistent inflation will cause some pain now.  

The market composite index, a measure of mortgage loan application volume, fell 3.7% for the week ending Aug. 26, compared to the previous week, according to the Mortgage Bankers Association (MBA). It was also down 63.8% compared to the same week in 2021.  

“Application volume dropped and remained at a multi-decade low last week,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting, in a statement. “Mortgage rates details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com