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Demand Slows as Interest Rates Pause

Mortgage News > Demand Slows as Interest Rates Pause
Date: 09/16/2020    Demand Slows as Interest Rates Pause

Fewer Americans sought new home loans this week as mortgage rate movement stalled. The Mortgage Bankers Association’s mortgage application volume index fell 2.5% from the week before, led by a 4% drop in refinance requests. There were still 30% more refinance applications than a year ago, but the annual comparison is getting smaller every week. Home purchase mortgage requests fell 1% in the latest week but were up 6% over the year before. However, the average loan size grew to a record high of $370,200.

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