Realtor.com Chief Economist Danielle Hale on the challenges facing home buyers in this housing market.
Mortgage applications slipped slightly despite sliding mortgage rates.
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Demand for applications were down 0.1 percent, according to the Mortgage Bankers Association’s Weekly Mortgage Application Survey.
The 30-year fixed rate mortgage declined to 3.98 percent from 4.05 percent.
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“Amidst persistent supply constraints in the entry-level price range, there’s evidence that high-end homebuyers are more active this fall. The average loan size for purchase applications increased to its highest level since May,” said Joel Kan, associate vice president of economic and industry forecasting at the MBA. “U.S. Treasury yields once again exhibited some intraweek volatility before declining sharply toward the end of the week. As a result, mortgage rates decreased, with the 30-year fixed rate falling below 4 percent again.”
The seasonally adjusted purchase index fell 3 percent from last week.
The refinancing index increased 2 percent from the previous week and was 144 percent higher than the same week a year ago.
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The refinance share of mortgage activity accounted for 59.5 percent of total applications, rising from 58.0 percent in the prior week.
