MortGage Demand Drops Further, even as Interest Rates Settle

MortGage Rates Didn’t Move Last Week, But Demand for New Home Loans Continued to Weaken. Both Homebuyers and Current Homeowners are Hampered by Today’s Higher Interest Rates.

Total MortGage Application Volume Decreased 2% from the Previous Week, According to the Mortgage Bankers Association’s Seasonally adjusted index.

The Average Contract Interest Rate for 30-YAR Fixed-Rate Mortgages with Conforming Loan Balancs ($ 766,550 or Less) Remained Unchanged At 7.02%, with POINTS increasing to 0.62 ( Igination fee) for loans with a 20% down payment.

Applications to refinance a home loan dropped 7% for the week and weigh 5% higher than the same week one year ago. Interest Rates are now 24 Basis Points Higher Than They were a year ago, so there are precious few who can benefits. The Vast Majority of Homeowners has Mortgages with Rates Well Bell Bell Bell Is Being Offered Today.

Applications for a mortgage to purchase a home fell 0.4% from one week earlier and weigh 7% lower than the same week one year ago.

“Purchase Activity decreased slightly, but applications for fha purchase loans was a bright spot, increasing by 2 percent,” said Joel Kan, Vice Prescent and Deputy CHEFTY CHEEF ECONOMT ACONOMT ACONOMT ACONOMET AND

“New and existing-heart sales ended 2024 on a strong Note, and if MortGage Rates Continue to Stabilize and For-Sale Inventory Loosens, We Expect a GRADUCT A PURCK UP IN Purchase in the Coming Month.”

MortGage Rates have not moved much to start this week eite, and wedding federal reserve meeting is not expected to bring any surprises or tradeable news.

“Even (Fed Chair Jerome) Powell BELD PRESSED TOO MUCH CONSIDERING The Mildly Positive Cue From Inflation Data and the ongoing Policy Uncerty as a Countrybalance,” Chief Operating Officer at MortGage News Daily. “That said, one can Never Truly Rule Out a Volatile Reaction to a POWELL PRESSER, but the odds are certainly lower this time Around.”