Mortgage demand stalls, even as interest rates moderate

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.93% from 6.97%

Applications for a mortgage to purchase a home decreased 0.2% from the week before and were 16% lower year over year. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.93% from 6.97%, with points decreasing to 0.60 from 0.64 for loans with a 20% down payment.

"Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market," said Joel Kan, an MBA economist in a release."Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually, as we forecast that rates will move toward 6-percent by the end of the year.

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