Rising interest rates had a direct impact on mortgage demand, which had been rising for weeks.
Rising interest rates had a direct impact on mortgage demand, which had been rising for several weeks.
Mortgage demand to purchase a home, which had been rising for three straight weeks, dropped 5% for the week.David Paul Morris | Bloomberg | Getty Images Total mortgage application volume dropped 4.4% last week compared with the previous week, according to the's seasonally adjusted index. Demand is now at its lowest level in a month.
While that was the average rate for the week, a separate survey from Mortgage News Daily showed the rate crossed over 7% last Thursday. It has remained above that mark since then, rising to 7.08% on Tuesday of this week.
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