Mortgage applications in the United States sharply decreased as interest rates rose, suppressing demand.

Data from the Mortgage Bankers Association of America shows that in the second week of November, mortgage loan applications decreased by 5.2% compared to the previous week, completely offsetting the previous 0.6% increase. This is the largest decrease since the end of September, mainly due to the increase in benchmark mortgage interest rates. Concerns about stubborn inflation and hawkish comments from Federal Reserve officials have weakened expectations of a short-term interest rate cut. Refinance loan applications decreased by 7.3%, with this type of application being more sensitive to short-term interest rate changes. As a result, home mortgage loan applications also decreased by 2.3%.