Real Estate

Mortgage demand fell last week even as rates declined slightly


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…


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