As Rates Drop Again, Mortgage Demand Rises
✉️ Want to forward this article? Click here.
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.
story continues below
loading...story continues above
“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.
Most Popular... This Week • Last 30 Days • Ever
Monument Realty and Mosaic Realty Partners redevelopment plans for a surface parking ... read »
Plans to convert a downtown DC office building into a large apartment project continu... read »
Another missing middle development has been proposed along Brookland's main throughfa... read »
Maybe it was falling interest rates or perhaps more homes hitting the market, but buy... read »
Kite House at The Parks at Walter Reed sold seven residences in September alone. The ... read »
- 235-Unit Development With Public Park Pitched For Downtown Bethesda Looks To Move Forward
- 400-Unit Office-To-Residential Conversion Pitched in DC's West End Heads To BZA
- From One Home to 9 Apartments Along Brookland's Main Drag
- September Surge? Home Sales Pick Up In DC Area, But It May Not Last
- A No Down Payment Assistance Program at Kite House, DC’s Best Selling Condominium
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!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro