After falling for a month, mortgage demand is back on the rise as interest rates drop.
Mortgage applications rose 3.2% last week from the previous week, according to the Mortgage Bankers Association (MBA). It was the first time in a month that applications increased.
“The ongoing moderation in home-price growth, along with further declines in mortgage rates, may encourage more buyers to return to the market in the coming months,” MBA economist Joel Kan said in a release.
Freddie Mac reported 6.33% on a 30-year mortgage last Thursday, down 16 basis points from the previous week. It was the fourth week in a row that rates dropped.
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_creeps_higher_as_rates_move_lower/20414.
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