Mortgage demand plummets as rates lurch toward 7%

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BREAKING — Mortgage Professional America reports that mortgage demand is falling sharply as rates climb toward 7%, with both purchase and refinance activity feeling the pressure. Higher borrowing costs have put shoppers in a defensive posture, shrinking the pool of active buyers and leaving many conventional applicants on the sidelines. The excerpt offers no specific volume figures, but the directional signal is clear: the rate environment has turned punitive for traditional borrowers.

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