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Mortgage Demand Hits Two-Month High, Driven By FHA Applications

  • March 26th

by UrbanTurf Staff

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Despite rates not moving much, mortgage demand from homebuyers hit its highest level in nearly two months last week. But that isn't saying much. 

While total mortgage application volume dropped 2% last week, the Mortgage Bankers Association reported on Wednesday, applications to purchase a home rose 1% week over week, and increased 7% year-over-year. 

“Last week’s purchase activity was driven primarily by a 6 percent increase in FHA applications, as the combination of loosening housing inventory and slowly declining mortgage rates have presented this segment of buyers with more opportunities,” said Joel Kan, MBA vice president and deputy chief economist said in a release. 

See other articles related to: mortgage demand

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_hits_two-month_high/23333.

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