Mortgage demand drops again after FHA loan interest rate hits 21-year high
PUBLISHED WED, AUG 9 20237:00 AM EDTUPDATED WED, AUG 9 20237:48 AM EDT
By: Diana Olick
Mortgage interest rates soared across the board last week, with the rate on the government’s low down payment option increasing to the highest level in 21 years. That hit mortgage demand hard, with total application volume dropping 3.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
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