Demand For Mortgages Reaches 27-Year Low

Demand For Mortgages , Reaches 27-Year Low .
NBC reports that mortgage rates have pulled
back slightly, after rising steadily for weeks.
However, the slight relief has
not been enough to revive
lagging demand for mortgages.
According to the Mortgage Bankers Association's
adjusted index, total mortgage application volume
had dropped 2.9%, compared to the week before. .
Average contract interest rates
on a 30-year fixed rate mortgage
dropped from 7.31% to 7.21%.
Mortgage applications declined
to the lowest level since December
1996, despite a drop in mortgage rates, Joel Kan, MBA economist, via NBC.
Rates remained more than a full
percentage point higher than
a year ago, despite mixed data
on the health of the economy
and signs of a cooling job market, Joel Kan, MBA economist, via NBC.
NBC reports that applications for
refinancing home loans decreased 5%,
compared to the week before. .
Compared to 2022, the number
of applications was 30% lower. .
The number of people applying for
mortgages to purchase a home
dropped 2% week-over-week.
Compared to 2022,
the number is 28% lower
than the same time last year. .
Prospective buyers remain on
the sidelines due to low housing
inventory and elevated mortgage rates, Joel Kan, MBA economist, via NBC.
Prospective buyers remain on
the sidelines due to low housing
inventory and elevated mortgage rates, Joel Kan, MBA economist, via NBC