Mortgage Applications Aren't Ready to Rebound Just Yet
FROM THE WIRE · MORTGAGENEWSDAILY.COM
Mortgage applications continued to decline even as mortgage rates finally moved lower. The Mortgage Bankers Association (MBA) reported a 5.3% drop in total application volume for the week ending October 16, despite the first weekly decline in mortgage rates in more than two…
Read at the source ↗MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bearishFalling mortgage applications signal weak housing demand, relevant for construction and rates.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
- 01Mortgage applications fell 5.3% in the week ending October 16, according to the MBA.
- 02The average 30-year fixed mortgage rate fell to 7.41% from 7.50% the previous week.
- 03Purchase applications were 18% below year-ago levels.