Last week, mortgage applications decreased 1.8% to their lowest number since the pandemic hit. Right now, the market is still experiencing low inventory and high home prices, which has caused mortgage demand to fall.
Even as rates slipped, both refinance and purchase applications decreased. In fact, applications for refinance dropped by 2%. The number was 8% lower than a year ago. Similarly, purchase applications dropped by 1% for the week. This was 14% lower than last year.
Although the demand for mortgages dropped, the rates have remained low. In fact, the average interest rate for a 30-year-fixed-rate mortgage dropped 5 points to 3.15.
AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in Miami we are here to guide you through every step of the way. From mortgage applications, to finding your dream home and closing the deal. Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).
Are you thinking of buying a home through financing? Right now the mortgage rates are still low, so it might be a great time to do so. Check out our mortgage calculator to get an idea of what your loan might look like: