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 ‘Just a Matter of Time’ Before Gold Gets to $3,000 Says Bloomberg Strategist READ MORE Citi Analysts Eye $3,000 Mark for Gold READ MORE Rising Interest Rates Challenge Long-Standing Pro-Debt Economic Policies READ MORE Powell's Friday Jackson Hole Address: Decoding the Fed's Next Move READ MORE U.S. Economy's Fate Tied to Federal Reserve's Decisions READ MORE Add a Comment Cancel replyYour email address will not be published.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