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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
The Arab League's plan for GazaThe Explainer Arab leaders reject Donald Trump's proposals to move Palestinians out of Gaza to create 'Middle East Riviera'
-
Thrilling must-see operas for 2025The Week Recommends From Carmen to Peter Grimes, these are the UK's top productions
-
There is a 'third state' between life and deathUnder the radar Cells can develop new abilities after their source organism dies
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
Foreigners in Spain facing a 100% tax on homes as the country battles a housing crisisUnder the Radar The goal is to provide 'more housing, better regulation and greater aid,' said Spain's prime minister
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Why are home insurance prices going up?Today's Big Question Climate-driven weather events are raising insurers' costs
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
