Potential buyers remained reluctant to take the plunge on financing a home purchase even as mortgage rates fell for the fourth straight week.
Mortgage applications decreased 2% the week ending Dec. 2 compared to the previous week. And the average loan size for a purchase application was at its lowest level since January 2021.
Meanwhile, the average rate for a 30-year fixed mortgage trended down to 6.33% as of Dec. 8, according to the latest data from Freddie Mac. The fixed-rate mortgage has more than doubled from a year earlier when it averaged 3.1%.
Swapna Venugopal Ramaswamy | USA TODAY