Mortgage demand falls in December to the lowest level since 1996

Mortgage applications are now at the lowest level in 27 years.

The market index fell by 13.2% to 184.5 for the week ending December 30, from two weeks earlier. A year ago, the index stood at 572.8.The purchase index — which measures mortgage applications for the purchase of a home — fell by 12.2% from the last two weeks. Purchase applications were low due to mortgage rates staying firmly above 6%.

But the last two weeks of December are usually slow, so look to next week’s report to get a better sense of mortgage demand.

Because interest rates are too damn high! Why is this a mystery to finance folks. Math is your specialty! Rates went from 2.5% - 3.75% to now well over 7%. On average we're talking $400 per month more on mortgage & rent payments.

Rightfully so. These rates are atrocious.

And yet homes will not get any cheaper.

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