https://www.linkedin.com/news/story/mortgage-demand-hits-28-year-low-5809228/

Mortgage demand hits 28-year low
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By Emma W. Thorne, Editor at LinkedIn News
Updated 4 hours ago


Mortgage demand has fallen to the lowest level since 1995, as mortgage interest rates hit 8% for the first time since 2000, CNBC reports. Applications for a purchase mortgage dropped 6% last week from the week before, and 21% from the same time last year. Applications for refinance mortgages saw an even steeper drop of 10% week-over-week. Would-be homeowners now need a $115,000 yearly income in order to comfortably afford a median-priced home — though the U.S. median income is $75,000, Axios notes. The Federal Reserve is set to meet on Halloween to reassess current rates.


However, ARMs — which offer a lower, fixed interest rate for up to 10 years before the rate can change — are having a moment of popularity.

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