Mortgage demand at 22-year low as interest rates climb

Mortgage demand is at a 22-year-low right now.But we are still seeing people wanting to buy homes. That’s the case on Garden Street where there are several new houses being built.

According to the Mortgage Bankers Association, the average rate on a 30-year fixed mortgage rate dropped a little bit in May, but rose again this past week to start the month from 5.3% to 5.4%, that’s for homes where buyers put down 20%.Florida is one of the places where supply is lower and prices are higher, but that’s not deterring buyers who are determined to buy a house. It just makes that process tougher and take longer.

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Mortgage Demand Plunges To 22-Year Low As ‘Worsening’ Affordability Deters Buyers—But Here’s Why Prices Will Still RiseMortgage rates plummeted last week in the latest sign rising interest rates have started to temper demand in the booming housing market, but experts note plunging demand won't quickly pull prices down due to historically low levels of inventory. Yes! And people have lots of equity… as long as they don’t think they’re slick and try to do a cash out refi, then we’re good… but inflation really hurting people
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