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IPFS News Link • Housing

Mortgage demand plunges 13.2% to end 2022, as interest rates head higher again

• CNBC

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Mortgage application volume was down 13.2% at the end of last week from two weeks earlier.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.58% from 6.34% two weeks prior.

At the end of 2021, the rate was 3.33%.

After a brief reprieve in the first half of December, mortgage interest rates shot up again to end the year, weighing on mortgage demand.

Mortgage application volume was down 13.2% at the end of last week from two weeks earlier, according to the Mortgage Bankers Association's seasonally adjusted index. The MBA was closed last week due to the holidays.


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