Mortgage demand from homebuyers drops 10% as interest rates jump

by anastasiakaufman-chime-me

PUBLISHED WED, APR 19 20237:00 AM EDTUPDATED 4 HOURS AGO

Homes in Centreville, Maryland, US, on Tuesday, April 4, 2023. The Mortgage Bankers Association is scheduled to release mortgage applications figures on April 5. Photographer: Nathan Howard/Bloomberg via Getty Images — Today’s homebuyers appear to be increasingly sensitive to weekly moves in mortgage rates. While home prices are easing some, affordability is still a major hurdle, especially as more first-time buyers enter the market.

Today’s homebuyers appear to be increasingly sensitive to weekly moves in mortgage rates. While home prices are easing some, affordability is still a major hurdle, especially as more first-time buyers enter the market.

Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.43% from 6.30% the previous week, with points rising to 0.63 from 0.55 (including the origination fee) for loans with a 20% down payment.

As a result, mortgage applications to purchase a home dropped 10% from the week before, according to the Mortgage Bankers Association’s seasonally adjusted index. Buyer demand was 36% lower than the same week one year ago when the 30-year fixed-rate mortgage averaged 5.20%…READ MORE>>>https://www.cnbc.com/2023/04/19/mortgage-demand-from-homebuyers-drops-10percent-as-interest-rates-jump.html

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