Mortgage demand drops again as interest rates remain elevated

Madison Ventures Plus managing director Mitch Roschelle discusses whether a new FHA mortgage plan to help struggling homeowners is a good idea on 'Varney & Co.'

A key measure of home-purchase applications fell again last week as consumer demand cooled in the face of higher mortgage rates.dropped 1.4%, according to new data published Wednesday. "Mortgage rates declined last week from a recent high, but total application activity slipped for the fourth straight week," said Joel Kan, MBA's deputy chief economist. "Purchase activity is constrained by reduced purchasing power from higher rates and the ongoing lack of for-sale inventory in the market."Demand for refinancing also continued to fall last week, sliding another 1%, according to the survey.

The interest rate-sensitive housing market has cooled rapidly in the wake of the Federal Reserve's aggressive tightening campaign.The interest rate-sensitive housing market has cooled rapidly in the wake of the

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