Mortgage demand ticking lower last week from the week before.
Even as rates dipped a bit,
the problem is no longer only elevated interest rates.
There's simply not a lot of listings out there. So this has been the case.
Even pre pandemic inventory has always been an issue for a long time at least.
So new applications down 4% last week from the week before
down a whopping 35% from the same time a year ago.
The average rate for the popular 30 year fixed mortgage actually falling last week.
Now sitting at 6.4%
while fewer homes for sale, meaning less demand for mortgages to buy homes
realtor.com. Finding there were 20% fewer listings year on year last month.