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Mortgage applications at lowest level since 1997 after declining for second week

According to the Mortgage Bankers Association (MBA), mortgage applications have declined for the second straight week.

Video transcript

DAVE BRIGGS: Let's get you up to speed now on housing. Again, seeing the impact of higher rates. Mortgage demand fell last week to nearly half of what it was a year ago and to its lowest level since 1997. That's according to the Mortgage Bankers Association. The driving force, once again, the 30-year fixed rate now increasing to 7.16%. That, again, according to the MBA. We'll get different numbers on Thursday.

Up from 6.94 a week ago, and now at their highest level since 2001. That was the time a guy named Harry Potter was debuting in theaters for context. Refis down 86% year over year, while demand for Adjustable Rate Mortgages, or ARMs, as many call them, continue to increase, more than tripling from earlier this year.