According to the Mortgage Bankers Association, mortgage demand fell for six consecutive weeks as applications dropped 10.8%, with a 41% decline since late September.
Joel Kan, MBA's VP, noted the average loan size for refinance applications is below $300,000, indicating that larger loans are particularly sensitive to mortgage rate fluctuations.
Market analysts expect worsening borrower demand as the 10-year Treasury rates rise post-election, leading to potential increases in mortgage rates.
Despite a decline in refinance applications, they still remain 48% higher year-over-year; the overall mortgage landscape continues to be affected by rising rates.
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