The house for sale at 377 Capron Ash Loop in Casselberry is represented on Wednesday August 14, 2024.
Stephen M. Dowell | Orlando Sentinel | Tribune Information Service | Getty images
Mortgage interest rates fell again last week, reaching the lowest level in two months, but the demand for mortgage loans has not responded. The total volume of mortgage demand dropped by 1.2% compared to the previous week, according to the Season of the Deathing Bankers Association.
The average interest rate of the contract for fixed rate mortgage loans at 30 years with compliant loan sales ($ 766,550 or less) decreased to 6.88% against 6.93%, with points falling to 0 , 61 against 0.66 (including original fees) for loans with a drop of 20% payment.
“Treasury yields have decreased soft data on consumer spending, consumers, consumers feel a little less optimistic about the economy and the labor market.” Said Joel Kan, Vice-President of MBA and deputy chief economist.
Requests to refinanance of a mortgage, which had increased in January and early February, dropped by 4% for the week but was 45% higher than the same week a year ago. Last year, at that time, mortgage rates were 16 base points.
“Although the overall activity of refinancing applications has remained fairly low, requests for refinancing the FHA experienced an increase of 8% during the week,” added Kan.
Requests for a mortgage to buy a house were stable for the week and 3% higher than the same week a year ago. The resale market finds more supply, in part because houses are seated on the market longer. But although there are more options, prices do not release much, because stocks are still historically low.
Mortgage rates have continued to drop to start this week, according to a separate survey of News Daily. In the last four working days, the high -level average mortgage rate has dropped 22 base points. It may not seem much, but the rates took place in a very narrow range in the last month.
“In short, the obligations are fashionable for the moment,” wrote Matthew Graham, chief of the death of News Daily, noting that when demand increases, the rates drop. “The widest and most common explanations have to do with expectations for restoration of global economic growth in response to internal prices and cost reduction efforts.”
