Mortgage demand dropped last week, even as mortgage rates fell, according to the Mortgage Bankers Association.
Mortgage rates dropped for the second week in a row, but that didn't revive demand from homeowners or potential buyers.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 5.74% from 5.84% Mortgage rates dropped for the second week in a row, but that didn't revive demand from homeowners or potential buyers. Rates fell 10 basis points last week and have declined 24 basis points in the last two weeks, but total mortgage demand dropped 5.4% from one week ago, according to data from the Mortgage Bankers Association. This week's results include a holiday adjustment to account for early closings the Friday before Independence Day.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 5.74% from 5.84%, with points increasing to 0.65 from 0.64, including the origination fee, for loans with a 20% down payment.
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