Menu
Banking Exchange Magazine Logo
Menu

Mortgage Rates Drop to Two-Month Lows

Mortgage rates dropped to 7.08% on 30-year fixed-rate mortgages from 7.18%

  • |
  • Written by  Banking Exchange staff
 
 
Mortgage Rates Drop to Two-Month Lows

Last week, mortgage rates dropped to two-month lows to 7.08% on 30-year fixed-rate mortgages from 7.18%, the most popular mortgage loan for American home buyers.

Applications to refinance a home loan increased by 5%.

However, the mortgage interest rate decrease did not yield a stronger housing market as buyers are having difficulty buying into today’s inflated housing market.

Mortgage demand flattened. Applications to purchase homes were 14% lower on an annual basis.

Inventory for homes is still tight as most owners are locked into significantly lower mortgage rates than the market offers today.

back to top

Sections

About Us

Connect With Us

Resources

Webinar:

How to get the most out of Data and AI
with Ravi Loganathan from Sardine
and President of Sonar

Wednesday, July 24, 2024 at 11 AM ET / 8 AM PT

In this webinar we will cover:

REGISTER NOW!

This webinar is brought to you by:

SardineBanking Exchange