Mortgage demand falls as buyers struggle to find homes for sale
The numbers: The rate for a 30-year mortgage dipped for the fourth week in a row, but buyers aren’t seizing the opportunity, as they can’t find many listings on the market.
Demand for mortgages fell 4.1% in the latest week as the 30-year fixed-loan rate dropped for the fourth consecutive week. The average contract rate for a 30-year mortgage for homes sold for $726,200 or less was 6.4% for the week ending March 31.For homes sold above $726,200, the average rate for the 30-year “jumbo” was 6.36%, up from 6.27% the previous week.The rate for adjustable-rate mortgages fell to 5.61% from 5.62% previously.
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