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Mortgage Demand Drops With Supply and Rates To Blame

  • February 28th 2024

by UrbanTurf Staff

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Mortgage demand dropped last week as both potential buyers and existing homeowners faced high interest rates and a low supply of homes for sale. 

Total mortgage application volume fell 5.6% week-over-week, the Mortgage Bankers Association (MBA) reported on Wednesday. 

"Purchase activity is running 12 percent behind last year’s pace, but our January Builder Application Survey results showed that applications to buy new homes were up 19 percent compared to last year," Mike Fratantoni, MBA’s SVP and Chief Economist, said in a release. "This disparity continues to highlight how the lack of existing inventory is the primary constraint to increases in purchase volume. However, mortgage rates above 7 percent sure don’t help.”

See other articles related to: mortgage applications

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_drops_with_supply_and_rates_to_blame/22019.

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