The demand for mortgages has been steadily decreasing — since last year, the demand has lowered by approximately one-third, reports CNBC.
Application volume dropped 1.2 percent last week alone, according to the Mortgage Bankers Association's (MBA) index, and has been steadily dropping as interest rates have risen. This drastic change is connected to the soaring inflation the U.S. has been experiencing. This is the lowest mortgage demand has been in the last 22 years.
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