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