BIDENOMICS: Mortgage Demand Drops to a 22-year Low as Higher Interest Rates and Inflation Crush Homebuyers

With the Biden Administration’s economic policies devastating the purchasing power of American consumers, home ownership has become out of reach for millions of Americans. What a tragedy.

Mortgage demand drops to a 22-year low as higher interest rates and inflation crush homebuyers

By CNBC, July 21, 2022

  • Surging inflation and interest rates are hammering American consumers and weighing on the housing market.
  • Mortgage demand fell last week, hitting the lowest point since 2000, according to the Mortgage Bankers Association.
  • Buyers have lost considerable purchasing power as rates have almost doubled since earlier this year.

The pain in the mortgage market is only getting worse as higher interest rates and inflation hammer American consumers.

Mortgage demand fell more than 6% last week compared with the previous week, hitting the lowest level since 2000, according to the Mortgage Bankers Association’s seasonally adjusted index.

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