{"id":120399,"date":"2021-08-25T12:56:33","date_gmt":"2021-08-25T12:56:33","guid":{"rendered":"https:\/\/fin2me.com\/?p=120399"},"modified":"2021-08-25T12:56:33","modified_gmt":"2021-08-25T12:56:33","slug":"mortgage-rates-fall-for-the-first-time-in-3-weeks-but-demand-is-still-light","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/mortgage-rates-fall-for-the-first-time-in-3-weeks-but-demand-is-still-light\/","title":{"rendered":"Mortgage rates fall for the first time in 3 weeks, but demand is still light"},"content":{"rendered":"<ul>\n<li>The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.03% from 3.06%.<\/li>\n<li>Applications for a loan to purchase a home increased 3% for the week but were 16% lower than the same week one year ago.<\/li>\n<li>Applications to refinance a home loan moved just 1% higher for the week and were 3% higher than the same week one year ago.<\/li>\n<\/ul>\n<p>After rising for three weeks, mortgage rates came back down a bit last week, but it didn&#x27;t seem to have much effect on mortgage demand.<\/p>\n<p>Total application volume rose 1.6% last week compared with the previous week, according to the Mortgage Bankers Association&#x27;s seasonally adjusted index.<\/p>\n<p>The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.03% from 3.06%, with points falling to 0.29 from 0.34 (including the origination fee) for loans with a 20% down payment.<\/p>\n<p>&quot;Treasury yields fell last week, as investors continue to anxiously monitor if the rise in COVID-19 cases in several states starts to dampen economic activity. Mortgage rates slightly declined as a result,&quot; said Joel Kan, an MBA economist.<\/p>\n<p>Applications to refinance a home loan, which are highly rate sensitive, moved just 1% higher for the week and were 3% higher than the same week one year ago. The problem is that so many borrowers already refinanced at even lower rates last fall.<\/p>\n<p>Applications for a loan to purchase a home increased 3% for the week but were 16% lower than the same week one year ago. Homebuyers are hitting an affordability wall, and the supply of homes for sale, while increasing slightly, is still far too low.<\/p>\n<p>&quot;The purchase index was at its highest level since early July, despite still continuing to lag 2020&#x27;s pace,&quot; said Kan, adding, &quot;There was also some easing in average loan sizes, which is potentially a sign that more first-time buyers looking for lower-priced homes are being helped by the recent uptick in for-sale inventory for both newly built homes and existing homes.&quot;<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/08\/25\/mortgage-rates-fall-for-the-first-time-in-3-weeks-but-demand-is-still-light.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.03% from 3.06%. Applications for a loan [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":120398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mortgage rates fall for the first time in 3 weeks, but demand is still light - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/mortgage-rates-fall-for-the-first-time-in-3-weeks-but-demand-is-still-light\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage rates fall for the first time in 3 weeks, but demand is still light - Fin2me\" \/>\n<meta property=\"og:description\" content=\"The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.03% from 3.06%. 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