Real Estate

Mortgage demand drops to 27-year low as interest rates pull back


A “For Sale” sign is displayed in front of a home on August 30, 2023 in Los Angeles, California.

Mario Tama | Getty Images

After rising sharply for several weeks, mortgage interest rates pulled back slightly last week, but not enough to revive mortgage demand.

Total mortgage application volume fell 2.9% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.21% from 7.31%, with points falling to 0.69 from 0.73 (including the origination fee) for loans with a 20% down payment.

“Mortgage applications…


0 0 votes
Article Rating

Black unemployment rate declines in August

Previous article

Oracle (ORCL) Q1 earnings report 2024

Next article

You may also like

Notify of
Inline Feedbacks
View all comments

More in Real Estate