Demand For Mortgages Reaches 27-Year Low

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.

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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.

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Compared to 2022, the number of applications was 30% lower.

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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.

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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