{"id":48083,"date":"2025-07-30T17:54:29","date_gmt":"2025-07-30T17:54:29","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/48083\/"},"modified":"2025-07-30T17:54:29","modified_gmt":"2025-07-30T17:54:29","slug":"mortgage-demand-drops-to-lowest-level-since-may","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/48083\/","title":{"rendered":"Mortgage demand drops to lowest level since May"},"content":{"rendered":"<p>An &#8220;Open House&#8221; sign in front of a home for sale in the Woodland Hills neighborhood of Los Angeles, California, US, on Sunday, July 13, 2025. <\/p>\n<p>Eric Thayer | Bloomberg | Getty Images<\/p>\n<p>Mortgage interest rates have barely moved in several weeks, but rates are not what is weighing on consumers most. It&#8217;s really uncertainty about the economy that worries people more. That is keeping some from making big financial decisions.<\/p>\n<p>As a result, total mortgage application volume dropped 3.8% last week compared with the previous week, according to the Mortgage Bankers Association&#8217;s seasonally adjusted index.<\/p>\n<p>The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, decreased to 6.83% from 6.84%, with points falling to 0.60 from 0.62, including the origination fee, for loans with a 20% down payment.<\/p>\n<p>&#8220;Mortgage applications fell to their lowest level since May, with both purchase and refinance activity declining over the week,&#8221; said Joel Kan, vice president and deputy chief economist at the MBA. &#8220;There is still plenty of uncertainty surrounding the economy and job market, which is weighing on prospective homebuyers&#8217; decisions.&#8221;<\/p>\n<p>Applications for a mortgage to purchase a home dropped 6% for the week and were 17% higher than the same week one year ago. Volume, however, is so low that the annual comparison is skewing deceptively high.<\/p>\n<p>&#8220;Applications for conventional, FHA, and VA purchase loans fell, despite slowing home-price growth and increasing levels of for-sale inventory in many regions,&#8221; said Kan.<\/p>\n<p>Get Property Play directly to your inbox<\/p>\n<p>CNBC&#8217;s Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox.<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/lander?id=propertyplay-newsletter\" rel=\"nofollow noopener\" target=\"_blank\">Subscribe here to get access today<\/a>.<\/p>\n<p>Applications to refinance a home loan fell 1% for the week and were 30% higher the same week one year ago. Overall refinance volume is also historically low. That is the third straight week of declines in refinancing. Last year, mortgage rates were just 1 basis point lower, so essentially the same.<\/p>\n<p>Mortgage rates fell very slightly to start this week, but could see a bigger change in either direction following the Federal Reserve&#8217;s announcement on interest rates Wednesday and Chairman Jerome Powell&#8217;s commentary. The next big driver will be Friday&#8217;s release of the government&#8217;s monthly employment report.<\/p>\n<p>Don\u2019t miss these insights from CNBC PRO<\/p>\n","protected":false},"excerpt":{"rendered":"An &#8220;Open House&#8221; sign in front of a home for sale in the Woodland Hills neighborhood of Los&hellip;\n","protected":false},"author":2,"featured_media":48084,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[448,28,122,101,2053,9399,1170],"class_list":["post-48083","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-breaking-news-business","tag-business","tag-business-news","tag-economy","tag-housing","tag-mortgages","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/48083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=48083"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/48083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/48084"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=48083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=48083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=48083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}