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Exploring The Impact of Rising Interest Rates on Mortgage Demand From Homebuyers

Homebuyers today are becoming increasingly sensitive to weekly fluctuations in mortgage rates, which is causing a slowdown in home purchases, according to data from the Mortgage Bankers Association (MBA). The data shows that the average contract interest rate for 30-year fixed-rate mortgages increased to 6.43% last week from 6.30% the previous week, with points also rising to 0.63 from 0.55 for loans with a 20% down payment.

This has led to a 10% drop in mortgage applications to purchase a home from the previous week, with buyer demand 36% lower than one year ago.

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https://www.tweeklynews.com/exploring-the-impact-of-rising-interest-rates-on-mortgage-demand-from-homebuyers/

submitted by /u/pulkitnagar9868
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source https://www.reddit.com/r/RealEstate/comments/12sp1qi/exploring_the_impact_of_rising_interest_rates_on/
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