By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
9
Notification Show More
Videos
Demystifying venture capital for underserved founders
8 hours ago
Videos
‘Nobody Wins In A Trade War,’ Economists React To Tariffs | The Bottom Line
9 hours ago
News
MPC Container Ships ASA 2025 Q2 – Results – Earnings Call Presentation (OTCMKTS:MPZZF)
9 hours ago
Videos
Why countries like Uganda, Kenya, Venezuela & Argentina can hold more stable currencies in crypto.
1 day ago
Videos
Why E.l.f Beauty bought Hailey Bieber’s Rhode for $1 billion
1 day ago
News
John Hancock Small Cap Core Fund Q2 2025 Commentary (JCCAX)
1 day ago
Videos
Stocks pop on Japan trade deal news, Big Tech earnings expectations
2 days ago
Videos
How The U.S. Became So Dependent On SpaceX
2 days ago
News
John Hancock Alternative Asset Allocation Fund Q2 2025 Commentary (Mutual Fund:JAAAX)
2 days ago
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Mortgage > Mortgage demand from homebuyers drops for the third straight week as interest rates rise
Mortgage

Mortgage demand from homebuyers drops for the third straight week as interest rates rise

News Room
Last updated: 2023/08/02 at 7:24 AM
By News Room
Share
2 Min Read
SHARE

A ‘For Sale’ sign is posted in front of a single family home on October 27, 2022 in Hollywood, Florida.

Joe Raedle | Getty Images

Mortgage rates have been holding at high levels for several weeks now, and that is taking its toll on homebuyers.

The Mortgage Bankers Association reports the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased last week to 6.93% from 6.87%, with points increasing to 0.68 from 0.65 (including the origination fee) for loans with a 20% down payment. The rate was 5.43% the same week one year ago. Rates have held above 6.5% since the end of May.

Higher rates are hitting already rough affordability hard, and buyers are clearly struggling. Mortgage applications to purchase a home fell 3% last week compared with the previous week, according to the MBA’s seasonally adjusted index. Applications were 26% lower than the same week one year ago.

“The purchase index decreased for the third straight week to its lowest level since the beginning of June,” said Joel Kan, an MBA economist. “The decline in purchase activity was driven mainly by weaker conventional purchase application volume, as limited housing inventory and rates still close to 7% are crimping affordability for many potential homebuyers.”

Applications to refinance a home loan also fell 3% for the week and were 32% lower than the same week one year ago.

Mortgage rates began this week higher and could continue to rise ahead of the all-important monthly employment report expected to be released Friday.

“The bond market is clearly bracing for economically bullish data. If those fears are realized, rates could be at 20-year highs by the end of this week,” said Matthew Graham, chief operating officer at Mortgage News Daily.

Read the full article here

News Room August 2, 2023 August 2, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Demystifying venture capital for underserved founders

Watch full video on YouTube

‘Nobody Wins In A Trade War,’ Economists React To Tariffs | The Bottom Line

Watch full video on YouTube

MPC Container Ships ASA 2025 Q2 – Results – Earnings Call Presentation (OTCMKTS:MPZZF)

This article was written byFollowSeeking Alpha's transcripts team is responsible for the…

Why countries like Uganda, Kenya, Venezuela & Argentina can hold more stable currencies in crypto.

Watch full video on YouTube

Why E.l.f Beauty bought Hailey Bieber’s Rhode for $1 billion

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

Mortgage

Home sales stick near recent lows in August, but prices continue to climb

By News Room
Mortgage

Interest rates for mortgages, credit cards and auto loans: where they stand

By News Room
Mortgage

The Federal Reserve leaves rates unchanged. Here’s how it impacts your money

By News Room
Mortgage

Fed likely to skip an interest rate hike, but high mortgage rates could be here to stay

By News Room
Mortgage

U.S. home price growth picks up the pace: CoreLogic

By News Room
Mortgage

Weekly mortgage demand increases, driven by a strange surge in refinancing

By News Room
Mortgage

Today’s mortgage rates are mixed, 30-year terms fall while 15-year terms rise

By News Room
Mortgage

Homebuyers are paying above list price in competitive market: survey

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?