Mortgage demand hits lowest level in nearly three decades

Mortgage loan application volume decreased by 4.2% last week on a seasonally adjusted basis when compared to the week before, according to a Wednesday report from the Mortgage Bankers Association.The volume of refinances dropped by 3% during that same time and is 35% lower than this time last year, according to the group’s weekly survey.

“Low housing supply is also keeping home prices high in many markets, adding to the affordability hurdles buyers are facing,” Kan said. That all changed when the Fed began hiking in March of last year. Soon mortgage rates began ticking up, and buyers began bowing out of the market, which caused housing prices to fall as demand declined. But now, with mortgage rates above 7%, a new dynamic has emerged and has actually heated the market back up a bit.

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