Mortgage demand tumbles as rates drive down housing market

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Belgique Nouvelles Nouvelles

Belgique Dernières Nouvelles,Belgique Actualités

Mortgage demand tumbled again last year amid stubbornly high mortgage rates, which have depressed the housing market and caused pain for homebuyers.

The volume of refinances dropped by 2% during that same time, according to the group’s weekly survey, and has plunged 9% from a year ago.

“Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually, as we forecast that rates will move toward 6 percent by the end of the year,” he added.

 

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Belgique Dernières Nouvelles, Belgique Actualités