Mortgage demand tumbled again last week amid stubbornly high mortgage rates, which have depressed the housing market and caused pain for homebuyers.
Mortgage loan application volume decreased by 0.7% last week on a seasonally adjusted basis, according to a report Wednesday from the Mortgage Bankers Association.
The volume of refinances dropped by 2% during that same time, according to the group’s weekly survey, and has plunged 9% from a year ago.
The declining mortgage demand comes even as mortgage rates moderated a bit last week, which typically boosts demand. As of Wednesday, the average rate on a 30-year fixed-rate mortgage has soared to 6.91%, according to Mortgage News Daily. At the end of last month, mortgage rates had risen above 7.12%.
“Mortgage application activity was muted last week despite slightly lower mortgage rates,” said Joel Kan, the MBA’s vice president
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