Real estate agents arrive at a brokers tour showing a house for sale in San Rafael, California.
With mortgage interest rates hovering near a record low, mortgage demand, especially from homebuyers, is now significantly higher than a year ago, but there are warning signs that first-time buyers may be struggling to stay in the market.
Total mortgage application volume fell 0.8% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Mortgage applications to purchase a home were 2% lower last week than the previous week but a strong 21% higher annually. Homebuyers are making up for lost time last spring and appear to have a…