Demand for mortgages continued to rise over the last week as long-term interest rates fell for the fifth week in a row.
Mortgage application volume rose 7.4% week-over-week, the Mortgage Bankers Association (MBA) reported on Wednesday.
“Both purchase and refinance applications increased last week and have shown gains in three of the past four weeks because of lower rates," MBA's deputy chief economist Joel Kan said in a release. "Purchase activity that was put on hold last year due to the quick runup in rates is gradually coming back as rates ease and housing demand remains strong, driven by supportive demographics and the ongoing strength in the job market.”
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_rises_as_rates_fall_for_fifth_week_in_a_row/20597.
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