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Lower Mortgage Rates Aren't Bringing Buyers Back...Yet

  • September 17th

by UrbanTurf Staff

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As mortgage rates dropped to their lowest level in nearly a year, refinance demand surged in the last seven days, but buyer demand didn't really follow suit. 

Total mortgage volume rose 29% last week, according to the Mortgage Bankers Association (MBA) on Wednesday, largely driven by homeowners refinancing. Applications to refinance a home loan rose 58% compared with the previous week and were 70% higher than the same week one year ago.

“Homeowners with larger loans jumped first, as the average loan size on refinances reached its highest level in the 35-year history of our survey," said Joel Kan, an MBA economist in a release.

Buyers were a little more cautious. Applications to purchase a home rose 3% week-over-week, and were 20% percent higher than a year ago. With a Fed rate cut coming today, it will be interesting to see if buyers' activity picks up after mortgage rates adjust tomorrow. 

See other articles related to: mortgage demand, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/lower_mortgage_rates_arent_bringing_buyers_backyet/23872.

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