Economy

Weekly mortgage demand falls, but average homebuyer loan size hits high

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A real estate for sale sign shows the home as being “Under Contract” in Washington, DC, November 19, 2020.

Saul Loeb | AFP | Getty Images

Sharp gains in home prices and a slight rise in interest rates combined to weaken demand for mortgages last week.

Total mortgage application volume fell 4.1% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Homebuyers are seeing prices rise at the fastest rate in over six years, as highly emotional, pandemic-induced demand for housing butts up against a record low supply of homes for sale, resulting in bidding wars. Mortgage applications to purchase a home fell 4% for the week, but were 16% higher than a…



Source cnbc.com

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