Rates may have slipped last week, but so did interest. That’s the news coming out of the Mortgage Bankers Association today as demand fell for the second week in a row.
According to the MBA, mortgage applications decreased 1.8 percent last week, falling to the lowest level since the start of 2020. In all, home purchase applications were down 14 percent from a year ago.
Refinance applications fell 2 percent for the week and were down 8 percent compared to a year ago.
“Swift home-price growth across much of the country, driven by insufficient housing supply, is weighing on the purchase market and is pushing average loan amounts higher,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting, according to CNBC.