Mortgage Demand Slumps Despite Drop in Mortgage Rates
Despite the 30-year mortgage rate falling to a seven-week low, the number of residential property applications tumbled for the first time in a month.
For the week ending March 31, U.S. mortgage applications dropped by 4.1 percent, the first weekly drop since the week ending Feb. 24, according to Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications to purchase a home fell by 4 percent from last week, while applications to refinance a mortgage slipped by 5 percent.
The 30-year mortgage rate eased to 6.4 percent, down by 6.45 percent from the previous week, a trend supported by the decline in Treasury yields. This also represented the fourth consecutive weekly slide in mortgage rates….