Mortgage Markets Shudder as Interest Rates Soar Past 7% Mortgage demand is dropping as interest rates breached the 7% threshold, marking a significant setback for prospective homebuyers and refinancers alike. Last week witnessed a sharp 10.6% drop in total application volume, as reported by the Mortgage Bankers Association, driven by the steepest interest rate spike since early December. The average rate for a 30-year fixed mortgage ascended to 7.06%, dampening the spirits of many, with refinance applications falling 11% from the week prior and purchase applications plummeting by 10%. The current scenario places potential homeowners and those looking to refinance in a challenging position, as the cost of borrowing climbs higher, significantly impacting the housing market’s dynamics. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Eastern Gold Rush: How Chinese Traders Are Reshaping the Global Bullion Market READ MORE Falling Retail Sales Drive Treasury Yields Down, September Rate Cut Likely READ MORE Gold Defies Commodity Downturn as Rate Cut Hopes Boost Investor Appeal READ MORE Gold Soars to New Heights as Fed Rate Cut Hopes Intensify READ MORE China's Gold Dilemma: Rising Prices and Falling Jewelry Demand READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment