The housing market took a hit in the past week as higher interest rates and low supply sent demand for mortgages down 4.6% from the previous week's levels.
Nicholas Wealth Management President and founder David Nicholas argues the U.S. needs a debt deal by the end of this week to avoid a recession.Overall interest in mortgages,Demand for mortgage applications declined by 4.6% compared with the prior week, according to the weekly survey from the Mortgage Banker's Association.
"Mortgage applications declined almost 5% last week as borrowers remained sensitive to higher rates," said Joel Kan, MBA’s vice president and deputy chief economist. "The 30-year fixed rate increased to 6.69%, the highest level since March."decreased 4% from a week earlier. "Since rates have been so volatile and for-sale inventory still scarce, we have yet to see sustained growth in purchase applications," said Kan. "Refinance activity remains limited, with the refinance index falling to its lowest level in two months."
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