Mortgage applications are down. Here's why buyers may want to act now.

New survey data shows that mortgage applications are down week-over-week, signaling that mortgage loan demand is declining despite slightly lower mortgage rates. According to the most recent Mortgage Bankers Association's Weekly Mortgage Applications Survey, mortgage application volume decreased by 0.7% for the week of March 22, 2024, compared to one week prior. 'Mortgage application activity was muted last week despite slightly lower mortgage rates.

Purchasing your home when buyer demand is lower could mean getting a better price on the home. After all, sellers who receive multiple offers on their homes may be less likely to negotiate. And, in very competitive markets, buyers may need to offer over the asking price to be considered. However, when there are fewer buyers in the market, you may be able to negotiate with the seller on the price of the home. If you wait, though, home prices could continue to climb.

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