Mortgage refinancing and purchase demand rose last week after interest rates dropped for the fifth time in a row.
Mortgage application volume rose about 3% week-over-week, the Mortgage Bankers Association (MBA) reported on Wednesday.
“Mortgage rates declined last week, with the 30-year fixed-rate mortgage falling to 7.17 percent – the lowest level since August 2023. Slower inflation, and financial markets anticipating the potential end of the Fed’s hiking cycle, are both behind the recent decline in rates,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Refinance applications saw the strongest week in two months, increasing on a year-over-year basis for the second consecutive week for the first time since late 2021.
On Thursday, Freddie Mac will release its weekly interest rates, so it will be interesting to see if rates continue their downward trajectory.
See other articles related to: mortgage demand
This article originally published at https://dc.urbanturf.com/articles/blog/as_rates_drop_again_mortgage_demand_rises/21756.
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