Demand for mortgages popped over the last week as long-term interest rates fell to their lowest level in several months.
Mortgage application volume jumped 28% week-over-week, the Mortgage Bankers Association (MBA) reported on Wednesday. Both refinance and purchase activity increased by double-digit percentages.
“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall," MBA chief economist Mike Fratantoni said in a release. "As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers.”
On Thursday, Freddie Mac will release its weekly interest rates, so it will be interesting to see if rates continue to fall.
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_jumps_as_rates_fall_to_lowest_level_in_months/20512.
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