Mortgage Refinance Demand Tanks 39% as Rates Continue to Climb

CNBC, Mar. 17, 2021–Diana Olick
Higher mortgage rates are cutting into demand for refinances, as fewer and fewer borrowers can now get worthwhile savings. Applications to refinance a home loan fell 4% for the week and were down 39% compared with the same week one year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.