Mortgage Applications Denied Over Income Shortages
The housing bubble is heating up, with median 30-year mortgage rates hitting the 8% threshold, the highest since 1995. As monthly mortgage payments rise because of soaring home prices and interest rates, obtaining a mortgage has become increasingly challenging for many prospective buyers.
Unsurprisingly, total application volume fell by 6.9% week-over-week as of Oct.18, 2023, according to data released by the Mortgage Bankers Association’s seasonally adjusted index.
As mortgage rates rose in…