Mortgage Demand Slow To Respond To Falling Rates
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Mortgage demand continues to be slow to respond to falling interest rates.
Rates dropped for the sixth week in a row last week and total mortgage application volume rose just 1.4%, the Mortgage Bankers Association (MBA) reported on Wednesday. Applications to purchase a home rose 2% week-over-week, and refinance applications increased 1%.
“There is still somewhat limited refinance potential as many borrowers still have sub-5 percent rates," MBA economist Joel Kan said in a release. “Despite the drop in rates, affordability challenges and other factors such as limited inventory might still be hindering purchase decisions.”
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This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_slow_to_respond_to_falling_rates/22698.
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