US mortgage demand dips as rates stay at 7%

Source: MarketWatch

“Mortgage demand waned in the latest week, despite rates inching down, as the market remains unclear about the direction of U.S. monetary policy. The 30-year mortgage rate fell slightly, but ended the week at 7%. Despite the small drop in interest rates, the market composite index — a measure of mortgage application volume — fell in the last week, according to the Mortgage Bankers Association (MBA) on Wednesday. … Aspiring homeowners in the U.S. face one of the most challenging periods to buy a home. Home prices are at a record high and mortgage rates are over 7%. And there is no respite for the time being. Federal Reserve Chair Jerome Powell told Congress on Tuesday that he was committed to keeping interest rates high enough to fight inflation in the broader U.S economy.” (07/10/24)