Mortgage application volume is falling as interest rates and home prices continue to rise. Fewer consumers have the incentive and ability to refinance or buy a home, CNBC reports.
With interest rates now considerably higher than they were a year ago, applications to refinance have nowhere to go but down ... Mortgage applications to purchase a home are still running well below historical averages and moved just 1 percent higher for the week. They are nearly 5 percent higher than a year ago, but home sales have been weakening for five of the past six months, indicating a slowdown in the overall housing market. That is due less to rising interest rates and more to a lack of homes for sale and higher prices.
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