Mortgage Demand Drops Amid Rising Rates

Mortgage demand experienced a significant decline of over 10% last week, reaching its lowest point since October. This sharp decrease is attributed to a surge in mortgage rates, which have made homeownership less affordable. The rising cost of borrowing is impacting potential homebuyers, leading to a slowdown in the housing market. This trend indicates a cooling effect on real estate activity as affordability challenges intensify for consumers seeking to finance home purchases.