Mortgage demand fell for the first time since November as mortgage rates reached their lowest level since June 2023.
Total home loan applications decreased by 1.5% for the week ending Dec. 15 compared to the previous week, according to data from the Mortgage Bankers Association (MBA).
Mortgage rates for the 30-year fixed loan averaged 6.83%, according to Freddie Mac‘s Primary Mortgage Market Survey.
“At least as of last week, borrowers’ response to this rate move was rather tepid,” Mike Fratantoni, MBA’s senior vice president and chief economist said in a statement. details ⇒
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