Mortgage applications to purchase a home fell 3% last week compared with the previous week.
A 'For Sale' sign is posted in front of a single family home on October 27, 2022 in Hollywood, Florida.Mortgage rates have been holding at high levels for several weeks now, and that is taking its toll on homebuyers.
Higher rates are hitting already rough affordability hard, and buyers are clearly struggling. Mortgage applications to purchase a home fell 3% last week compared with the previous week, according to the MBA's seasonally adjusted index. Applications were 26% lower than the same week one year ago.
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