The demand for mortgages dropped by nearly 10% in the final week of 2023, signaling a housing market that is still recovering entering 2024.
According to the Mortgage Bankers Association's seasonally adjusted numbers for the week ended Dec. 29, mortgage applications were down 9.4% as potential homebuyers deal with high rates and low inventory.
Although down from its previous high of more than 8% in October 2023, the average rate for a 30-year fixed mortgage in the U.S. ended the year at 6.76%. Would-be homebuyers appear to be waiting for lower rates and/or lower home prices.
