Weekly mortgage demand drops as buyers struggle to find affordable homes

Weekly mortgage demand dropped 7.2% due to limited home supply and increased competition. Applications for home purchase fell 11% from the previous week. Refinance applications increased by 2%. Low housing supply and elevated home prices are constraining home purchase activity. The average loan size for purchase applications rose to $444,100, the highest since May 2022. Mortgage rates have remained steady, but the Federal Reserve meeting and the upcoming employment report could impact rates. Buyers struggle to find affordable homes amidst high demand.