{"id":2025108,"date":"2023-09-07T19:28:02","date_gmt":"2023-09-07T23:28:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/demand-for-mortgages-falls-to-lowest-point-in-nearly-three-decades\/"},"modified":"2023-09-07T19:29:28","modified_gmt":"2023-09-07T23:29:28","slug":"demand-for-mortgages-falls-to-lowest-point-in-nearly-three-decades","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/demand-for-mortgages-falls-to-lowest-point-in-nearly-three-decades\/","title":{"rendered":"Mortgage demand hits 30-year low."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">10<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdemand-for-mortgages-falls-to-lowest-point-in-nearly-three-decades%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2025108&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>Demand for mortgages in the United States fell nearly 3 percent last week, \u200cto the \u200dlowest point\u200b since 1996, according to a new survey.<\/p>\n<div class=\"my-5\">\n<blockquote>\n<p>The Mortgage\u2064 Bankers Association\u2019s seasonally adjusted Market Composite Index, <a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2023\/09\/06\/mortgage-applications-decrease-in-latest-mba-weekly-survey\" target=\"_blank\" rel=\"noreferrer noopener\">published on Sept. 6,<\/a> saw a 2.9 percent decline in mortgage application volume \u2062the week\u2062 before, compared with the previous week.<\/p>\n<\/blockquote><\/div>\n<p>The MBA said its survey included more than 75 percent of all <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/demand-for-mortgages-falls-to-lowest-point-in-nearly-three-decades\/\" title=\"Mortgage demand hits 30-year low.\">retail residential mortgage \u2064applications nationwide<\/a>.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related \u200dStories<\/div>\n<ul class=\"mb-4 flex gap-2\">\n<li class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/bright\/the-mortgage-crash-reversal-5482374\">The Mortgage Crash Reversal<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/29\/2023<\/div>\n<\/li>\n<li class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/bright\/the-mortgage-crash-reversal-5482374\"><\/a>\n        <\/li>\n<\/ul>\n<ul class=\"mb-4 flex gap-2\">\n<li class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/article\/analysis-us-housing-market-facing-many-challenges-from-high-mortgage-rates-to-lack-of-supply-5482024\">ANALYSIS: US Housing Market Facing Many\u2064 Challenges From High Mortgage Rates to Lack of Supply<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/29\/2023<\/div>\n<\/li>\n<li class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/article\/analysis-us-housing-market-facing-many-challenges-from-high-mortgage-rates-to-lack-of-supply-5482024\"><\/a>\n        <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<p>The Federal Reserve&#8217;s lowering of interest rates \u2062to nearly zero in \u2062the first months of the pandemic resulted in a two-year home purchasing boom while homeowners refinanced their mortgages.<\/p>\n<div class=\"my-5\">\n<blockquote>\n<h2>Mortgage Applications Fall As Real Estate \u200dIndustry Tumbles<\/h2>\n<p>&#8220;Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates,&#8221; said Joel Kan, MBA\u2019s vice president and deputy chief economist, in a statement.<\/p>\n<p>&#8220;Both purchase \u200band refinance applications fell, with the purchase index hitting a 28-year\u200c low, as \u200bprospective buyers remain on the sidelines due to \u2062low housing inventory and \u200delevated mortgage \u200drates.\u201d<\/p>\n<\/blockquote><\/div>\n<p>The lack of housing has been exasperated by high mortgage rates, which make it less\u200c likely for existing homeowners to sell, as \u200dmany had purchased their\u200b homes\u2063 under lower\u200c rates.<\/p>\n<p>In the first\u2063 half of 2023, only 1 percent of all homes exchanged hands,\u2062 the lowest in\u2062 a decade.<\/p>\n<p>Existing home sales tumbled 2.2 percent in July, while new home sales surged 4.4 \u200bpercent, as recent constructions pick up \u2062the slack.<\/p>\n<p>Meanwhile, rising construction\u200d costs have also \u2062worsened the spike in new home prices, while labor costs and a lack of\u200d skilled workers have added to the challenges faced by the industry, said Robert Dietz, \u200dthe chief economist at the National \u2063Association of Home Builders.<\/p>\n<p>&#8220;Historically, there is a lag between what\u200c sellers are willing to relinquish their property for and the rise in interest rates. In all \u200csectors of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/2021-cant-be-any-worse-can-it\/\" title=\"2021 Can't Be Any Worse, Can It?!\">real estate market<\/a>, sellers have enjoyed record prices\u2063 for a long \u2064time,&#8221; Philip Nicozisis, a real estate developer in \u2062Florida, told The Epoch Times.<\/p>\n<div class=\"my-5\">\n<blockquote>\n<h2>30-Year\u2064 Mortgages Remain Above 7 Percent<\/h2>\n<p>Meanwhile, the average interest rate for a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/middle-class-millennials-hard-hit-by-housing-market\/\" title=\"Middle Class, Millennials Hard Hit By Housing Market\">30-year fixed-rate mortgage<\/a> with a balance of $726,000 or less, fell during \u2063the same period.<\/p>\n<p>\u201cThe\u2063 30-year fixed mortgage rate decreased to 7.21 percent last week, but rates remained more than a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thanks-to-inflation-back-to-school-prices-expected-to-skyrocket\/\" title=\"Thanks To Inflation, Back-To-School Prices Expected To Skyrocket\">full percentage point higher<\/a> than a year ago, despite mixed data on the health of the economy and signs of a cooling job market,\u201d Mr. Kan \u200dadded.<\/p>\n<p>\u201cThe refinance \u200dindex dropped to its lowest \u200clevel\u2063 since January 2023, driven by a 6 percent decline in conventional refinance<\/p>\n<\/blockquote><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>revealed a significant drop in mortgage demand in the US, with a 2.9% decline in application volume last week. This marks the lowest point since 1996, as reported by the Mortgage Bankers Association&#8217;s Market Composite Index.<\/p>\n","protected":false},"author":327,"featured_media":2025109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2025108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2025108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/327"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2025108"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2025108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2025109"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2025108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2025108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2025108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}