Real Estate

Mortgage demand falls to lowest level since 2018, even as interest rates ease


A single family home is shown for sale in Encinitas, California.

Mike Blake | Reuters

Mortgage demand slipped to the lowest level since December 2018, even after rates declined slightly last week.

Applications for a mortgage to purchase a home fell 1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 14% lower than the same week one year ago.

Despite a slight decline, mortgage rates are significantly higher than they were at the start of this year.

This as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 5.33% from 5.46% with points…


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