Economic Report: Mortgage demand drops as rates rise to the highest level since last November

March 1, 2023

The numbers: Mortgage demand plunged for the third week in a row as rates keep climbing.

Demand for mortgages fell 5.7% in the latest week as mortgage rates hover at highs last seen in November.

Demand for both purchases and refinancing both fell. That pushed the market composite index — a measure of mortgage application volume — down, the…

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