• Mon. Jun 24th, 2024

Decrease in Home Loan Interest Rates Fails to Boost Mortgage Applications, Marking Second Consecutive Week of Decline

BySamantha Jones

Mar 27, 2024
Lower Interest Rates Failed to Entice Potential Homebuyers This Week

Despite a decrease in interest rates on home loans, the volume of mortgage applications has dropped again, according to data from the Mortgage Bankers Association (MBA) revealed on Wednesday. For the week ending March 22, mortgage applications were 0.7% lower than the previous week, marking the second consecutive week that mortgage applications have declined. The drop in the 30-year fixed mortgage rate to 6.93% did not entice potential homebuyers to apply for mortgages.

Both loan applications for home purchases and refinancing were lower last week. The Purchase Index was 16% lower compared to the same week last year. Joel Kan, MBA vice president and deputy chief economist, noted that homebuyers are waiting for mortgage rates to decrease even further and for more homes to be listed on the market. He anticipates that lower rates will eventually lead to more inventory becoming available, but this change is expected to occur gradually. Kan predicts that rates will likely rise towards 6% by the end of the year.

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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