Demand for home loans continues to slump as mortgage rates last week rose to their highest level in almost 21 years.
Mortgage application volumes for a home purchase loan fell 2 percent for the week ending Oct. 7, 39 percent lower than the same week in 2021, according to a report by the Mortgage Bankers Association on Oct. 12.
Application volumes dropped to their slowest pace since December 1999, as the housing market slowed to a crawl.
Refinance volume plunged by 1.8 percent and was down 86 percent compared to a year ago.
The market index last week fell to 214.3, after standing at 686.1 points year over year, according to Marketwatch….