Mortgage demand continues to drop, even though interest rates have come down slightly from recent highs.
Applications for a loan to purchase a home fell 1% for the week, and were 18% lower than the same week one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased last week to 5.74% from 5.82%.Mortgage demand edged lower for the fourth straight week, according to data released Wednesday, even though interest rates have fallen from their recent highs. Total volume was down 1.8% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
Applications for a loan to purchase a home fell 1% for the week but were 18% lower than the same week one year ago. More supply is coming onto the housing market, as competition cools among buyers. But prices and rates are still high, and inflation is weakening consumer confidence.
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