Mortgage rates recently hit their peak since the drop that happened in November 2020. This has reduced the demand for refinance loan plans.
The normal contract interest rate for 30-year fixed-rate mortgages saw a 2.92% boost in the previous week. The normal interest rate on 15-year fixed mortgages witnessed a 2.48% boost.
Increasing interest rates are reducing demand for loan refinancing
As the interest rates increase, the loan refinancing market has witnessed a sharp reduction in demand. The...