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Mortgage Demand Falls Again

  • November 6th 2024

by UrbanTurf Staff

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As mortgage rates continue to rise, demand continues to drop.

Mortgage application volume dropped about 11% over the last week, the Mortgage Bankers Association (MBA) reported on Wednesday. Applications to refinance a home fell 19% and purchase applications fell 5%. 

"Applications decreased for the sixth consecutive week, with purchase activity falling to its lowest level since mid-August and refinance activity declining to the lowest level since May," MBA economist Joel Kan said in a release. "The average loan size on a refinance application dropped below $300,000, as borrowers with larger loans tend to be more sensitive to any given changes in mortgage rates.”

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_demand_falls_again/22899.

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