According to a report by the National Association of Realtors, pending home sales fell 1.5 percent in October to their lowest level in 20 years.
(Photo by Justin Sullivan/Getty Images)Mortgage rates fell for the sixth straight week last week, but mortgage demand still seems to be waiting for something bigger.
That is the lowest level since February 2023 and nearly a full percentage point lower than the same week one year ago.
Total mortgage demand, however, rose just 1.4% for the week, according to the MBA's seasonally adjusted index.
Mortgage rates continued to move lower to start this week, according to a separate survey by Mortgage News Daily, but the monthly release of the Consumer Price Index, a measure of inflation, on Wednesday could impact the direction of rates more sharply in either direction.
Persons:
Justin Sullivan, Joel Kan, Kan, Matthew Graham
Organizations:
National Association of Realtors, Mortgage, Association, Treasury, Federal Reserve, Labor, Mortgage News
Locations:
CALIFORNIA, Larkspur , California