Homebuying Stalls Despite US Mortgage Rates Sliding to 4-Year Low

Total mortgage applications were little changed from the previous week, says the Mortgage Bankers Association.

Townhouses for sale in Elkridge, Md., on Sept. 27, 2024. Madalina Vasiliu/The Epoch Times

Homebuying slowed this past week, despite U.S. mortgage rates sliding to the lowest level in four years.

For the week ending Feb. 20, the average contract interest rate on a 30-year mortgage was 6.09 percent, down from the previous week’s 6.17 percent, according to new Mortgage Bankers Association data released on Feb. 25.