AWARDS
Mortgage demand is collapsing: U.S. mortgage applications for single-family homes fell 3.7% last week, marking their fourth consecutive weekly decline. As a result, the Mortgage Demand Index fell to its lowest since February 2024 and the third lowest level in nearly 30 years. The index is now down a whopping -63% over the past 4 years. This comes as home financing costs have rapidly increased while prices remain at record highs. Since mid-September, 30-year fixed mortgage rates have risen about 110 basis points and are back above 7%. Mortgage demand is at 1990s levels. Source: The Kobeissi Letter, MBA C.H.MONCHAU Purchase Index
