General World News

Mortgage demand slumps as interest rates move higher: MBA 

Mortgage demand dipped last week as mortgage rates reached their highest levels since late 2023. Applications decreased by 2.7% on a seasonally adjusted basis during the week ending April 19, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. 

“Mortgage rates continued to move higher last week, reaching their highest levels since late 2023 and putting a damper on applications activity. The 30-year fixed rate increased for the third consecutive week to 7.24%, the highest since November 2023,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement. 

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