Mortgage Demand Rises Despite Highest Interest Rates In Years

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The housing market has been thrown into chaos by the pandemic and many buyers are considering adjustable-rate mortgages. Interest rates continue to rise across the country as the effects of sustained inflation are felt, sending the cost of mortgages soaring.
Data from the Mortgage Bankers Association (MBA) released on Wednesday found that the average contract rate on a 30-year fixed-rate mortgage rose to 5.37% for the week ending 22 April. This is the most popular type of home loan in the United States and it has risen to the highest level since June 2009.

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