Real Estate

Mortgage demand falls even as rates slip from recent highs


U.S. mortgage demand flat even as rates dropped

Mortgage application volume barely moved last week, falling 0.5% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Rates, meanwhile, dropped back a little bit last week, but they’re still near a 22-year high.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 7.06% from 7.16%, with points falling to 0.73 from 0.88 (including the origination fee) for loans with a 20% down payment. That rate was 3.24% the same week one year ago.

The slight drop was enough to move the needle a tiny bit on refinance demand. Those applications rose 0.2% for the week but were…


0 0 votes
Article Rating

CVS Health reports Q3 earnings, opioid settlement

Previous article

Qualcomm (QCOM) earnings Q4 2022

Next article

You may also like

Notify of
Inline Feedbacks
View all comments

More in Real Estate