Real Estate

Lack of home listings is taking a toll on mortgage demand


A “For Sale” sign outside a house in Albany, California, on Tuesday, May 31, 2022.

David Paul Morris | Bloomberg | Getty Images

Mortgage rates fell last week, but demand for home loans didn’t move higher as a result. Other aspects of today’s housing market are outweighing the benefit of lower mortgage rates right now, namely a lack of supply.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.40% from 6.45%, with points falling to 0.59 from 0.62 (including the origination fee) for loans with a 20% down payment. It had been over 7% just a month ago.

Mortgage applications to purchase a home, however, dropped 4%…


0 0 votes
Article Rating

Job openings tumbled below 10 million

Previous article

ADP March 2023:

Next article

You may also like

Notify of
Inline Feedbacks
View all comments

More in Real Estate