April 20, 2024 3:52 am
Lower Mortgage Rates Continue to Fail to Attract Potential Homebuyers

Applications for mortgages decreased by 0.6% for the week ending March 29, marking the third consecutive week of decline, despite a slight improvement in mortgage rates. According to a report from the Mortgage Brokers Association, the average 30-year fixed-rate mortgage had fallen to 6.91%, while the 15-year fixed-rate mortgage dropped to 6.35%, its lowest point in two months.

The decrease in demand for mortgages may be attributed to several factors beyond just rates, as indicated by Joel Kan, MBA vice president and deputy chief economist. Despite recent data showing a rise in pending home sales in February, there is still no clear sign of improvement in the stagnant housing market. Homebuyers are still cautious about entering the market due to other factors that may be influencing their decisions.

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