As interest rates continue to rise, demand for mortgages has decreased, as consumers are increasingly avoiding loans with a higher cost. This is especially challenging for potential homebuyers, as these higher rates translate to more expensive mortgages and larger down payments. Additionally, potential refinancers are also feeling the squeeze, as rates have increased to their highest level in over two decades, prompting them to reconsider locking in a long-term rate. Although interest rates may be seen as difficult in the short-term, many economists believe that this could be a sign of a revitalizing economy in the long-term.
