s/dan_panteraMORTGAGE RATES•5d
145
votes
6.2k
seen
Mortgage applications fall for six straight weeks at 7.4% rates
Mortgage demand is weakening even as the average 30-year rate holds at 7.4%. Applications fell 2.7% last week, extending the decline to six straight weeks, and they were 16% below the same week a year earlier. Rates have climbed from 6.65% in August while home prices remain near records.
The supply side is stuck too. Homeowners have little reason to sell and take on a much higher loan: 87% of borrowers have rates at least one percentage point below current levels, and 76% are at least two points lower.
The supply side is stuck too. Homeowners have little reason to sell and take on a much higher loan: 87% of borrowers have rates at least one percentage point below current levels, and 76% are at least two points lower.
Timeline3
Oct 14
U.S. mortgage applications fell 2.7% for the week, extending the decline to six consecutive weeks.
Oct 15
The average 30-year fixed mortgage rate was reported at 7.4% after seven consecutive weekly increases.
5d
Housing context highlighted mortgage lock-in, with 87% of borrowers holding rates at least one percentage point below prevailing rates.
1 comment
5d