Mortgage Rates Still High at Nearly 7%, Depressing Housing Market
• Mortgage rates increased to nearly 7%, depressing housing market activity - applications for loans dropped 1.6% • Refinancing activity also fell 3% with higher rates • Rates are down from 8% peak last fall, but still elevated due to high inflation • Data shows inflation over 3%, fueling concerns rates will stay high for longer • Average loan size for home purchases rose to highest since May 2022 with low supply/high prices