Even with low rates and plenty of real estate market buzz, demand for mortgages continued to decline last month.
Per the Mortgage Bankers Association, looking at numbers for the last week of May, requests for purchase loans were down 3 percent from the week before, and 2 percent from a year ago. Demand for refinancing was down 5 percent from the week before, but 6 percent higher than a year ago.
“Mortgage applications decreased for the second week in a row, with the overall index reaching its lowest level since February 2020,” MBA’s Joel Kan said in a statement. “Tight housing inventory, obstacles to a faster rate of new construction, and rapidly rising home prices continue to hold back purchase activity.”
Be sure and check back with California Listings every Saturday morning for our weekly Mortgage Minute report out on the week’s average rates and industry forecast.