Mortgage rates continue to ease, but demand is not following, as there are few who can benefit from a refinance, and homebuyers are still facing high prices.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased last week to 6.49% from 6.67%.
Mortgage rates soared over 7% just a month ago, but since then they have fallen more than half a percentage point. Still, mortgage loan application volume decreased 0.8% last week compared with 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 decreased to 6.49% from 6.67%, with points remaining at 0.68 for loans with a 20% down payment.
Mortgage applications to purchase a home gained 4% from the previous week but demand was 41% lower than the same week one year ago. Sales of existing homes continue to drop, while newly built home sales are benefiting from builder concessions, specifically deals in which the builder buys down the mortgage rate.
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