The sign is published in front of the house for sale in San Rafael, California, August 7, 2024.
Justin Sullivan Getty images
The rates of mortgage slightly fell last week, but the demand for a mortgage, because the housing affordability is still a potential buyers.
According to the seasonally corrected seasonal index of submitting a mortgage application, it fell by 6.6% per week.
The average interest rate of the contract for 30-year mortgages with a fixed rate with compliance with compliance with loan balances (766,550 USD or less) dropped to 6.93% from 6.95%, with points increased to 0.66 with 0 , 64 (including initial fee) for loans with a 20% decrease in payment.
“Mortgage rates fell on average during the week, because the markets unexpectedly rejected strong inflationary data. Despite the decrease in mortgage rates, mortgage applications fell to their slowest pace since the beginning of the year, “said Joel Kan, an MBA economist.
Applications for refinancing a housing loan that grew, fell by 7% per week, but were 39% higher than in the same week a year ago. Percentage changes a week by week were simply large because the overall volume of refinancing is so low. The vast majority of borrowers today have mortgages with much lower than what is currently offered.
Applications for a mortgage for the purchase of a house fell by 6% per week, but were 7% higher year -on -year. Housing accession still burdens potential buyers, and economic uncertainty, especially in relation to the impact of potential tariffs, increases only to pressure.
“Applications for purchase did not fall for a week, because the buyers remained on the fence, although inventory relaxation can support activity in the coming months,” added Kan.
Mortgage rates increased slightly higher to start this week, but shortened holiday weeks are usually associated with greater variability on the bond market.