• Mon. Apr 15th, 2024

Hesitation Continues: Why Mortgage Applications are Still Declining Despite Lower Rates

BySamantha Jones

Apr 3, 2024
Lower Mortgage Rates Continue to Fail to Attract Potential Homebuyers

The Mortgage Brokers Association reported that despite the slight improvement in mortgage rates, homebuyers continue to hesitate before entering the market. Applications for mortgages decreased by 0.6% for the week ending March 29, marking the third consecutive decline.

Joel Kan, MBA vice president and deputy chief economist, attributed this decline to persistently high mortgage rates, which continue to dampen home buying activity. In fact, 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.

Despite this, recent data suggests that demand for mortgages may be starting to show signs of improvement as pending home sales rose in February. However, it appears that homebuyers remain cautious about entering the market due to factors beyond just rates.

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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