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Mortgage Demand Drops As Rates Rise
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As mortgage rates head back up, demand is dropping to levels not seen since July.
Mortgage application volume dropped 3.7% over the last week, the Mortgage Bankers Association (MBA) reported on Wednesday. Applications to refinance a home actually rose 2% and purchase applications fell 7%, and were 15% lower than a year ago.
“Purchase applications declined for both conventional and government loans and dropped to the slowest weekly pace since February 2024,” said Joel Kan, vice president and deputy chief economist at the MBA. “Refinance applications increased despite higher rates, but the increase was compared to recent low levels and was entirely driven by an increase in VA refinances, which continue to show weekly swings.”
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This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_drops_as_rates_rise/23061.
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