Weekly mortgage demand stalls, even though rates drop to lowest since April 2023

Published Wed, Aug 28 20247:00 AM EDTUpdated 2 hours ago

By: Diana Olick

watch nowVIDEO01:33Weekly mortgage demand stalls, even though rates drop to lowest since April 2023

Mortgage rates fell last week for the fourth straight week, but neither current homeowners nor homebuyers seemed particularly impressed.

Total mortgage application volume rose just 0.5% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances — $766,550 or less — decreased to 6.44% from 6.50%, with points decreasing to 0.54 from 0.60, including the origination fee, for loans with a 20% down payment. That was the lowest rate since April 2023. Rates have come down more than 80 basis points from a year ago. LEARN MORE…

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