Mortgage demand drops to the lowest level since 1996

Mortgage rates have continued their upward trajectory, registering a substantial increase last week.

Consequently, total mortgage demand saw a decline of 6% compared to the prior week, as reported by the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages, within the limits of conforming loan balances ($726,200 or less), rose to 7.53% from 7.41%.

This change was accompanied by an increase in points to 0.80 from 0.71, which includes the origination fee, for loans featuring a 20% down payment. For reference, this rate stood at 6.75% during the same week one year ago, CNBC reported.

READ MORE: https://www.cnbc.com/2023/10/04/mortgage-demand-falls-to-lowest-level-since-1996.html

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