Mortgage demand plummets again despite drop in interest rates
Posted on AllSides January 4th, 2024
From The Right
A key measure of home-purchase applications slumped over the holidays despite a sharp drop in mortgage rates over the course of December.
The Mortgage Bankers Association's (MBA) index of mortgage applications fell 9.4% for the week ended Dec. 29, compared with two weeks earlier, according to new data published Wednesday.
The data also showed that the average rate on the popular 30-year loan ended the year at 6.76%. While that is down from a peak of 8% in October, it is slightly higher than it was the previous week.