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Mortgage Volume Gets Crushed By Spiking Interest Rates: What It Means For Future Home Sales, Consumer Spending

28 April 2022

Spiking mortgage rates multiply the effects of exploding home prices on mortgage payments, and it has taken layer after layer of homebuyers out of the market for the past four months. Mortgage applications to purchase a home fell further this week and were down 17% from a year ago, hitting the lowest level since May 2020, according to the Mortgage Bankers Association’s weekly Purchase Index.