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Podcast: BiggerPockets Daily
Episode: Mortgage Rates Reach Multidecade Highs Again And Demand is Now Falling by Aly Yale
Description: Mortgage rates hit theirĀ highest point in nearly 23 yearsĀ last week, and consumers responded accordingly. According to the Mortgage Bankers Association (MBA), mortgage applications to purchase a home were down 27% compared to a year ago, while refinance applications were 21% lower.Ā āOverall applications declined, as both prospective homebuyers and homeowners continue to feel the impact of theseĀ elevated rates,ā says Joel Kan, MBA vice president and deputy chief economist, in a press release.āElevatedā is certainly one way to put it. The average rate on 30-year, fixed-rate mortgages hit 7.31%āthe highest level since late 2000. At the same time, jum...