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Mortgage Demand Rises For Second Week in a Row

  • March 13th 2024

by UrbanTurf Staff

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Mortgage demand has now risen for two weeks in a row. 

Total mortgage application volume rose 7% week-over-week, the Mortgage Bankers Association (MBA) reported on Wednesday. 

“Mortgage rates dropped below 7 percent last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “Purchase application volume increased for the week but remains about 11 percent below last year’s level. By contrast, refinance volume picked up by 12 percent, with a larger, 24 percent increase in the government refinance index."

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This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_rises_for_second_week_in_a_row/22072.

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