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Mortgage demand falls again as mortgage rates climb closer to 7%

It’s proving to be a brutal February for the mortgage industry, with mortgage demand falling for the third time in four weeks. At a time when purchase activity typically ramps up, the latest mortgage application data is showing that mortgage demand is dropping due to mortgage rates climbing back up. 

Mortgage applications decreased 13.3% for the week ending February 17 compared to the previous week, according to the Mortgage Bankers Association. Mortgage demand was down 56.8% compared to the same period last year.

The latest economic data from a solid details ⇒

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