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Mortgage Demand Drops To Lowest Level Since July

  • October 23rd 2024

by UrbanTurf Staff

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As mortgage rates head back up, demand is dropping to levels not seen since July. 

Mortgage application volume dropped 6.7% over the last week, the Mortgage Bankers Association (MBA) reported on Wednesday. Applications to refinance a home have fallen 8% and purchase applications fell 5%, but are 3% higher than a year ago. 

"Even though rates have been on a recent upswing, they are over a full percentage point lower than a year ago, which has kept some homebuyers in the market," MBA economist Joel Kan said in a release. "For-sale inventory has started to loosen, and home-price growth has eased in some markets, providing more options for buyers in combination with these lower rates.”

See other articles related to: mortgage demand

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_drops_to_lowest_level_since_july/22851.

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