Interest Rates Continue to Climb – Adjustable-Rate Mortgage Demand Hits Highest Level in a Year

Mortgage demand is at its slowest since 1995 due to rising interest rates. Application volume fell 1% last week, with the interest rate for 30-year fixed-rate mortgages reaching 7.90%. Refinance applications have also dropped, now constituting less than a third of total mortgage activity. The market for existing homes is nearly stagnant, exacerbated by limited supply and higher mortgage rates.