Mortgage demand stalls, even as interest rates moderate

A ‘For Sale’ sign is posted on the lawn in front of a home on March 15, 2024, in Miami, Florida. 

Joe Raedle | Getty Images

The usually busy spring housing market is underway, but mortgage demand isn’t moving. Application volume was essentially flat last week, dropping 0.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.93% from 6.97%, with points decreasing to 0.60 from 0.64 (including the origination fee) for loans with a 20% down payment.

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