Mortgage demand is being hampered by a lack of available home listings
Mortgage rates fell last week, but home loan demand did not rise as a result.
The 30-year fixed-rate mortgage average contract interest rate for conforming loan balances ($726,200 or less) fell to 6.40% from 6.45%.
Mortgage applications for home purchases fell 4% last week compared to the previous week. The majority of jumbo loans are kept on bank balance sheets.
According to Realtor.com, new listings were down 20% year over year in March, and total inventory was roughly half of what it was in March 2019, pre-pandemic.
The 30-year fixed-rate mortgage average contract interest rate for conforming loan balances fell to 6.40% from 6.45%.
Mortgage applications for home purchases, on the other hand, fell 4% last week compared to the previous week.
According to the seasonally adjusted index of the Mortgage Bankers Association. Demand was 35% lower than in the same week last year.
According to Realtor.com, new listings were down 20% year over year in March, and total inventory was roughly half of what it was in March 2019, pre-Covid pandemic.