Demand for US mortgages fell again last week, after a slight recovery the previous week, despite lower mortgage rates. According to the seasonally adjusted index of the Mortgage Bankers Association, the total number of applications for mortgage loans decreased by 1% compared to the previous week. The average contract interest rate for 30-year fixed-rate mortgages fell to 7.3% last week, compared to 7.37% the previous week, according to CNBC. Meanwhile, applications for home mortgages fell 2% compared to the previous week, and 19% year-over-year. The housing market shows no signs of recovery, after the sharp increase in interest rates during the month of September brought it into a state of deep stagnation.

Demand for US mortgages fell again last week, after a slight recovery the previous week, despite lower mortgage rates. According to the seasonally adjusted index of the Mortgage Bankers Association, the total number of applications for mortgage loans decreased by 1% compared to the previous week. The average contract interest rate for 30-year fixed-rate mortgages fell to 7.3% last week, compared to 7.37% the previous week, according to CNBC. Meanwhile, applications for home mortgages fell 2% compared to the previous week, and 19% year-over-year. The housing market shows no signs of recovery, after the sharp increase in interest rates during the month of September brought it into a state of deep stagnation.