July 12, 2024

Home Mortgage Demand falls even with low interest rates

San Diego home prices

Well, this should come as no surprise, a recent report shows that the coronavirus pandemic is causing many buyers and sellers to delay their potential purchases and sales of their homes. Actually, home purchase demand is at a five-year low!

Because of the extremely low home mortgage interest rates, refinance applications are still remaining high.

Home Mortgage Demand

San Diego Home Mortgage Rates - Home Mortgage Demand

Last week the total mortgage applications decreased by 0.3% from the previous week, this is according to the Mortgage Bankers Association seasonally adjusted index. Also, mostly due to refinances, mortgage volume was 70% higher than the same time a year ago.

Mortgage applications for home purchases increased 2% for last week, unfortunately, when one looks back a year ago, these applications were actually 31% lower than today!

Here is the hyperlink to my prior post on this topic:  California Armageddon for Landlords

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Home Mortgage Demand