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Mortgage Demand Drops Despite Rates Falling

  • August 21st 2024

by UrbanTurf Staff

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Mortgage rates fell to their lowest level in over a year last week, but demand did not follow suit. 

Applications to purchase a home fell 5% over the last week, the Mortgage Bankers Association (MBA) reported on Wednesday, and applications to refinance a home were down 15%. Despite rates being as low as they were in May 2023, applications to purchase a home are 20% lower. 

“Both mortgage rates and mortgage applications have now stabilized after a few weeks of financial market volatility, which led to a quick drop in mortgage rates,” MBA economist Joel Kan said in a release. “The other point to note is that yes rates are lower, but they’re still 6.5%, which is not low for those borrowers out there with sub five rates.”

See other articles related to: mortgage demand

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_demand_drops_despite_rates_falling/22624.

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