Mortgage Activity Falls as Rates Hit Two-Decade High Amid Seasonal Headwinds
According to the Optimal Blue Mortgage Market Indices, 30-year conforming rates climbed above 7.25% in August, the highest level in more than 20 years, before settling to 7.07% at the end of the month Overall rate lock volumes were down for the third consecutive month, falling 1.5% from July, driven by a 1.9% decrease in purchase volume Purchase lock counts were down 22% year over year and 34% compared to 2019 pre-pandemic levels, as higher interest rates and the tightest affordability since the early 1980s dampened demand As reported in...