Mortgage applications fell 1.4% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.81%.
The numbers: Stubbornly high mortgage rates and a scarcity of inventory are stalling the housing market.
As homeowners sit on properties, finding little incentive to sell and give up an ultralow mortgage rate, current loan rates remain elevated, adding hundreds of dollars in extra costs for buyers.Demand for both purchase loans and refinances fell. That pushed the market composite index — a measure of mortgage application volume — down, the Mortgage Bankers Association said on Wednesday.
Buyers were also disappointed by rising rates. The purchase index — which measures mortgage applications for the purchase of a home — fell 1.7% from last week.
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