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As the economy continues to improve, we re going to see mortgage rates move up, and I think that should be expected. They re not going to stay under 3% forever, CEO Sheryl Palmer said on Closing Bell. However, she added, the lack of supply and the overwhelming demand is something that will be with us for years to come.
Earlier Wednesday, the Mortgage Bankers Association s seasonally adjusted index showed that mortgage demand decreased for the second week in a row this week, dropping by 1.8% to their lowest level since the beginning of 2020. Home purchase applications and mortgage applications to refinance a home both dropped for the week, even though mortgage rates dipped.