Mortgage Rates Hit Lowest Point Since September

[Jack Tulloch]

The rate on the average 30-year fixed mortgage declined to 6.33% this week from 6.49% the week prior, according to Freddie Mac. However, even with this decrease in rates, homebuyer demand continues to weaken.

After three weeks of increased homebuyer activity, demand for mortgages pulled back 1.9% last week, according to the Mortgage Bankers Association’s latest survey of applications, with purchase activity down 3% from a week ago.

Sure the rates have come down, but they are still double what they were at the start of the year.

I am curious to see what the data will show following the CPI print coming out next week and the FED meeting the following day. 

Article Link: Mortgage Rates Hit Lowest Point Since September