Mortgage Demand Plummets as Rates Hit 8% But Homeowners Still Have Options
Mortgage Demand Plummets as Rates Hit 8% But Homeowners Still Have Options. The mortgage crunch continues to make national headlines as the industry and consumers battle increasing interest rate environments as well as affordability in the housing sector. Despite this, homeowners who have secured a low interest rate first loan still have access to large amounts of home equity, thereby creating numerous financial options. In this episode:
- The 30-year fixed mortgage rates just hit 8% for the first time since 2000 as Treasury yields soar
- Mortgage demand falls to the lowest level since 1995 as interest rates near 8%
- September home sales drop to the lowest level since the foreclosure crisis
- Meet the homeowners giving up 4% mortgages and opting for cash-out refis
