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Mortgage Demand Rises Amid Economic Uncertainty

  • May 7th

by UrbanTurf Staff

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Mortgage demand surged last week even amid continued economic uncertainty. 

Total mortgage application volume rose 11% last week, the Mortgage Bankers Association reported on Wednesday. Applications to purchase a home rose 12% week over week, and increased 13% year-over-year. Refinancing demand was up 11% for the week, and was 51% higher than last year. 

“The economic news last week included a negative reading for first-quarter GDP growth and further signs of contraction in the manufacturing sector, mixed with a solid employment report for April," Mike Fratantoni, MBA’s SVP and Chief Economist, said in a release. "The net impact on mortgage rates was mostly downward but just back to levels from early April."

See other articles related to: mortgage demand

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_rises_amid_economic_uncertainty/23478.

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