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Home Buyer Demand Declines Despite Low Rates

Mortgage News > Home Buyer Demand Declines Despite Low Rates
Date: 11/11/2020    Home Buyer Demand Declines Despite Low Rates

Total mortgage applications fell 0.5% in the latest week, according to the Mortgage Bankers Association, led by a 3% drop in home purchase requests. Applications to buy a home were still up 16% over last year but low inventory and rising prices are curbing buyer enthusiasm. Even though mortgage interest rates remain at rock bottom, it has not pushed home loan requests higher. In fact, low rates may actually be causing the price increases, which in turn decreases affordability. Refinance requests rose 1% for the week, however, and 67% annually.

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