loading...

As Rates Drop Again, Mortgage Demand Rises

  • December 6th 2023

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

Mortgage rate chart_11-30-23.png

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.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!