Aarthi Swaminathan is a MarketWatch personal finance reporter.
The numbers: Mortgage demand fell for the third week in a row, despite mortgage rates falling for the first time in two months.
The rise in rates dampened overall mortgage demand. The overall market composite index — a measure of mortgage application volume — fell in the latest week, according to the Mortgage Bankers Association said on Wednesday. Buyer demand has dried up. The purchase index — which measures mortgage applications for the purchase of a home — fell 1.4% from last week.The average contract rate for the 30-year mortgage for homes sold for $726,200 or less was 7.86% for the week ending October 27. That’s down from 7.9% the week before, the MBA said.
The big picture: Home buyers are searching for ways to make the cost of taking on a mortgage cheaper, turning to adjustable-rate mortgages which offer a lower rate up front.
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