Mortgage Rates Drop, But Demand Does As Well
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Despite mortgage rates dropping to their lowest level in two months, mortgage demand did not react accordingly.
Total mortgage application volume dropped 1.2% last week compared with the previous week, the Mortgage Bankers Association reported on Wednesday. Applications to purchase a home were essentially flat week over week, while refinance applications dropped 4%.
"Treasury yields moved lower on softer consumer spending data as consumers are feeling somewhat less upbeat about the economy and job market.” said Joel Kan, MBA vice president and deputy chief economist said in a release. “This pushed mortgage rates lower, with the 30-year fixed rate decreasing to 6.88 percent, the lowest rate since mid-December.”
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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_rates_drop_but_demand_does_as_well/23235.
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