Mortgage demand decreased by 6.7%
Stubbornly high rates have hampered mortgages, but at least they're better than they were a year ago. According to the report, mortgage applications decreased by 6.7% compared to a week ago Mortgage Bankers Association(MBA) weekly survey for the week ending October 18.
The Market Composite Index, a measure of mortgage loan application volume, fell 7% on an unadjusted basis. The index was down 8% from the previous week and was still 90% higher than the same week a year ago (degrees). The seasonally adjusted purchasing index was down 5% from a week earlier. The unadjusted purchasing index was 3% higher than the same week a year ago.
“Last week saw mixed results, but the 30-year fixed rate remained unchanged at 6.52%. MBA Vice President and Deputy Chief Economist Joel Kahn said.
Kahn added: “Buying programs continued to perform stronger than last year's pace for the fifth consecutive week. While rates have been on the rise recently, they are down a full percentage point from a year ago, which has kept some homebuyers in the market. For-sale inventory has begun to empty and home price growth has slowed in some markets, providing more choices for buyers along with those lower prices.
Refinancing accounted for 45.7% of applications, down from 46.5% a week ago.
Higher rates with limited annual gains from last year's dull market.
