A sign posted in front of a house in San Rafael, California on August 7, 2024.
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Mortgage rates fell slightly last week, but mortgage demand also fell slightly as housing affordability continues to allow potential buyers to occupy potential buyers.
Mortgage applications fell by 6.6% in a week, according to the Mortgage Bankers Association’s seasonal adjustment index.
Average contract rate for a 30-year fixed-rate mortgage (compliant with the loan balance ($766,550 or less)) dropped from 6.95% to 6.93%, points increased from 0.64 (including original expenses) to 0.66, loans for loans (including original expenses) ) pays for 20%.
MBA economist Joel Kan said: “As the market average declined, due to unexpected inflation data on mortgage rates, the application for mortgages has been lowered since the beginning of the year,” said Joel Kan, an economist at MBA. The slowest speed since.”
Home loans have been rising for refinancing applications, down 7% in a week, but 39% higher than the same week a year ago. The percentage of weekly changes is large simply because the total number of refinancing is so low. Today, the vast majority of borrowers have significantly lower interest rates than mortgages offered now.
Applications for mortgage purchases fell 6% this week, but rose 7% year-on-year. Housing affordability continues to weigh potential buyers, and economic uncertainty, especially in terms of the impact of potential tariffs, will only increase pressure.
“As buyers remain on the fence, although loose inventory may help support activity in the coming months, the purchase application has fallen this week,” Kan added.
Mortgage rates start slightly higher this week, but the weeks of the holiday epitome tend to see more volatility in the bond market.
