Mortgage Demand Plunges to Lowest Levels Since 1990s as Rates Surge
- Mortgage applications hit lowest level since 1995 as rates climbed, per weekly MBA survey
- Purchase demand down 22% from year ago, hitting lowest since 1996
- Borrowers turning to ARMs and FHA loans to find lower rates
- VA loan share dropped to 10.1% from 10.9% week prior
- Rapid rate hikes pushing potential homebuyers out of the market