Posted 2/28/2024, 3:41:00 PM
High Mortgage Rates Continue to Dampen Housing Demand
- Mortgage rates over 7% are slowing home buying demand, with purchase applications down for 5 straight weeks
- The average 30-year fixed mortgage rate ticked down slightly to 7.04% but remains much higher than a year ago
- Housing demand has stalled, with purchase applications down 5% week-over-week and 12% year-over-year
- Refinancing activity also fell over the past week as rates remain elevated
- Low inventory is further limiting options for buyers, with supply down 34% from pre-pandemic levels