澳洲幸运5官方开奖结果体彩网

Mortgage Demand Drops as High Rates Discourage Refinancing

By
澳洲幸运5官方开奖结果体彩网:Terry Lane
Terry Lane
澳洲幸运5官方开奖结果体彩网:Full Bio
Terry has 25 years experience in journalism and communications, reporting on a range of topics that include personal finance, telecommunications, Congress, government regulations, and criminal justice. He has also worked on technology, energy, and environmental policy issues as a congressional press secretary and owned and published a local community newspaper in North Carolina.
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Published July 10, 2024
09:47 AM EDT
A "For Sale" sign in front of a house in Patchogue, N.Y.

Steve Pfost / Newsday RM via Getty Images

Key Takeaways

  • Demand for mortgages slipped last week even as the mortgage rate declined slightly, data from the Mortgage Bankers Association showed.
  • Home purchase applications were up by 1% from the prior week, the group said.
  • Refinancing decreased 2% for the week.

Demand for mortgages slipped last week even as the mortgage rate declined slightly, data from the Mortgage Bankers Association showed.

The MBA’s Market Composite Index was lower by 0.2% for the holiday-shortened week ended July 5, as the 30-🍌year, fixed-rate mortgage declined൲ to 7%, moving lower by 0.3 percentage points.

Home purchase applications were up by 1% 澳洲幸运5官方开奖结果体彩网:from the prior week, the group said, driven by increases in government-backed 澳洲幸运5官方开奖结果体彩网:Federal Housing Administration (𒉰FHA) and澳洲幸运5官方开奖结果体彩网: Veterans Administration (VA) loans.

澳洲幸运5官方开奖结果体彩网:Refinancing decreased by 2% for the week. 

“Although home equity gains have been significant in recent years, most borrowers do not have much of an incentive to refinance at current rates,” said Joel Kan, MBA's deputy chief economist. 

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  1. Mortgage Bankers Association. “." July 10, 2024.

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