Stagnant Mortgage Rates and Demand Signal Slowdown in Summer Housing Market

Anya’s Market Bites:

The summer housing market is showing no improvement after a disappointing spring. Home prices remain high, mortgage rates are not significantly decreasing, and the increase in home listings is minimal, resulting in stagnant mortgage demand.

Last week, mortgage application volume rose just 0.8%, while mortgage rates for 30-year fixed-rate loans slightly decreased to 6.93%. Refinance applications stayed flat but were 26% higher than a year ago. Purchase mortgage applications increased by 1% but were down 13% from the same period last year.

Total housing supply is 18% higher than last year but remains limited. Government purchase loans saw a slight increase due to recent rate relief. Mortgage rates are expected to remain stable until key economic reports are released later in the week.

(Source: California Association of Realtors via CNBC))

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Anya Derebenskiy

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