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Mortgage Demand Slow To Respond To Falling Rates

  • September 11th 2024

by UrbanTurf Staff

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Mortgage rate chart_09-05-24.png

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.”

See other articles related to: mortgage demand

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_slow_to_respond_to_falling_rates/22698.

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