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Mortgage Demand Falls For Second Straight Week

  • June 5th 2024

by UrbanTurf Staff

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Demand for mortgages fell last week, but a report on Friday could change that course in the coming weeks. 

The Mortgage Bankers Association (MBA) reported Wednesday that total mortgage application volume fell 5.2% last week, as both mortgage rates and home prices remain high.

“Mortgage rates moved slightly higher last week, with the 30-year conforming rate reaching 7.07 percent – its highest level since early May – despite incoming data indicating somewhat slower economic growth,” Mike Fratantoni, senior vice president and chief economist at the MBA, said in a release. 

While mortgage demand has dropped, a report coming out Friday could help reverse course. If a monthly employment report out Friday shows a drop in jobs, that could lead to rates dropping in the coming weeks. 

See other articles related to: mortgage demand

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_falls_for_second_straight_week/22389.

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