Mortgage demand falls again even as rates sink further

Mortgage application volume fell 1.9% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

Applications to refinance a home loan rose 5% for the week but were still 86% lower than the same week one year ago. There are still precious few current borrowers who can benefit from a refinance at today's higher interest rates. The refinance share of mortgage activity increased to 28.7% of total applications from 26.1% the previous week.

"Purchase activity slowed last week, with a drop in conventional purchase applications partially offset by an increase in FHA and USDA loan applications," noted Joel Kan, an MBA economist in a release.

I’ll be waiting to scoop up something.

Housing is perhaps the greatest driving force of our economy. When this demand dries up hundreds of other products suffer. We are just at the beginning of this depression. The punch bowl has to be removed. It’s been spiked for years and it’s time for the hangover. See ya in 2025

BidenBoom

no refinances as rates are to high, no new purchases as rates are to high, home affordability is to high. plus the whole worlds worried about inflation and see the impact is huge, credit debt highest ever been plus mass un reported layoffs = depression

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