Posted 1/4/2024, 12:00:00 PM
Mortgage Demand Drops Over Holidays Despite Lower Rates
- Mortgage application index plummeted 9.4% over the holidays despite drop in rates
- 30-year fixed mortgage rate ended December at 6.76%, down from 8% peak in October
- Home purchase applications fell 5% from two weeks earlier, down 12% from last year
- Refinance applications fell 18% in last week but are up 15% from last year
- Housing inventory remains very low, hampering demand, but new construction may help ease shortages