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Mortgage Demand Stalls Despite Rates Dropping To 15-Month Lows

  • August 28th 2024

by UrbanTurf Staff

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Mortgage rate chart_08-22-24.png

A drop in interest rates is not moving the needle for mortgage demand. 

Despite rates falling for the fourth week in a row, total mortgage application volume rose just 0.5% last week, the Mortgage Bankers Association (MBA) reported on Wednesday. Applications to purchase a home rose 1% but were 9% lower than the same week one year ago.

“Mortgage applications were slightly higher, driven by marginally stronger purchase activity," MBA economist Joel Kan said in a release. "Refinance applications were essentially unchanged but are still 85 percent higher than last year as borrowers continue to act – particularly FHA and VA borrowers."

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_stalls_despite_rates_dropping_to_15-month_lows/22651.

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