Prices Over Rates? Mortgage Demand Rebounds
✉️ Want to forward this article? Click here.
Are dropping home prices offsetting high interest rates? Mortgage demand indicates that may be the case.
Mortgage application volume to purchase a home rose 5% week-over-week, the Mortgage Bankers Association (MBA) reported on Wednesday. Demand increased even as interest rates rose.
story continues below
loading...story continues above
"Although incoming data points to a slowdown in the U.S. economy, markets continue to expect that the Fed will raise short-term rates at its next meeting, which have pushed Treasury yields somewhat higher," Joel Kan, MBA’s Vice President and Deputy Chief Economist, said in a release. "As a result of the higher yields, mortgage rates increased for the second straight week to their highest level in over a month, with the 30-year fixed rate now at 6.55 percent.”
It may be prices, not interest rates, bringing buyers back to the market. In their March report on the DC-area market, Bright MLS found that median prices had fallen in several local jurisdictions.
See other articles related to: mortgage demand
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_rebounds_rises_5_over_last_week/20950.
Most Popular... This Week • Last 30 Days • Ever
The differences between condo fees and co-op fees might seem small, but there are som... read »
As mortgage rates have more than doubled from their historic lows over the last coupl... read »
The 14,000 square-foot listing in the Langley Farms neighborhood of McLean closed on ... read »
International migration was the driving force behind the rise in DC's population.... read »
A report out today stated that there were nearly 3,900 home sales last month, a 26% y... read »
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