Demand for mortgages was down last week, even though rates inched lower for potential homebuyers. 

Demand for mortgages was down last week, even though rates inched lower for potential homebuyers. The number of houses up for sale remains low.

Closing Bell

Mortgage Demand Down Even Though Rates Dipped

Mortgage demand ticking lower last week from the week before. Even as rates dipped a bit, the problem is no longer only elevated interest rates. There's simply not a lot of listings out there. So this has been the case. Even pre pandemic inventory has always been an issue for a long time at least. So new applications down 4% last week from the week before down a whopping 35% from the same time a year ago. The average rate for the popular 30 year fixed mortgage actually falling last week. Now sitting at 6.4% while fewer homes for sale, meaning less demand for mortgages to buy homes realtor.com. Finding there were 20% fewer listings year on year last month.