Mortgage demand hits 22-year low as loan applications continue to drop

Mortgage demand hits 22-year low as loan applications continue to drop

Tom Rood, SitusAMC Managing Director, discusses the increased costs of building a home and buying in the current real estate market Mortgage applications decreased last week, the third week in a row, as they now sit at the lowest level since 2000, according to a new survey. On Wednesday, the Mortgage Bankers Association (MBA) released

Mortgage demand drops to lowest level in 22 years

Mortgage demand drops to lowest level in 22 years

The pain in the mortgage market is only getting worse as higher interest rates and inflation hammer American consumers. Mortgage demand fell more than 6% last week compared with the previous week, hitting the lowest level since 2000, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications for a mortgage to purchase a home

Demand for adjustable-rate mortgages surges, as interest rates jump

Demand for adjustable-rate mortgages surges, as interest rates jump

Mortgage applications to purchase a home rose 8% last week compared with the previous week, bolstered in part by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications were, however, 10% lower than they were in the same week one year ago. A big jump in mortgage rates may have

Home loan size retreats from record as mortgage application demand cools

Home loan size retreats from record as mortgage application demand cools

Co-founder of Key Advisors Group LLC Eddie Ghabour analyzes the U.S. markets and economy, saying that they have yet to ‘bottom out’ on ‘Varney & Co.’ The average size of a home purchase loan has pulled back from its record high as demand for mortgage applications fell for the second straight week.  According to the

Mortgage demand falls to lowest level since 2018, even as interest rates ease

Mortgage demand falls to lowest level since 2018, even as interest rates ease

A single family home is shown for sale in Encinitas, California. Mike Blake | Reuters Mortgage demand slipped to the lowest level since December 2018, even after rates declined slightly last week. Applications for a mortgage to purchase a home fell 1% last week compared with the previous week, according to the Mortgage Bankers Association’s

Mortgage demand slides further, even as interest rates pull back slightly

Mortgage demand slides further, even as interest rates pull back slightly

Mortgage rates turned lower for the second straight week, but it wasn’t enough to boost demand for either new purchase loans or refinances, according to a weekly report from the Mortgage Bankers Association. Rates are still much higher than they were for the past two years. Last week the average contract interest rate for 30-year

Mortgage demand falls to the lowest level in 22 years

Mortgage demand falls to the lowest level in 22 years

Mortgage rates are back on the upswing, after a brief decline in May, and the housing market is still suffering from a lack of listings. As a result, mortgage demand continues to drop. Total mortgage application volume fell 6.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.