A For Sale sign is posted in front of a property in Monterey Park, California on August 16, 2022.
Frederic J. Brown | AFP | Getty Images
Mortgage rates fell slightly last week, but not enough to fuel any kind of recovery in consumer demand for home loans.
Total mortgage application volume fell 2% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand stands at the lowest level since 2000. It hit a similar low in July.
Applications for a mortgage to purchase a home dropped 1% for the week and were 18% lower than the same week one year ago. Potential homebuyers are not only grappling with higher interest rates but with inflation in the overall…