Mortgage applications rose 1.2% last week, the Mortgage Bankers Association (MBA) reported on Wednesday, an increase driven largely by refinancing activity.
"There was an increase in refinance activity as a result of the 16-basis-point decline in rates, as both conventional and government refinance applications increased," MBA economist Joel Kan said in a release.
Tomorrow, the December report on the DC-area housing market will come out and it will be interesting to see if the market remained slow or picked up some steam at the end of 2022.
This article originally published at https://dc.urbanturf.com/articles/blog/refinancing_demand_increases_as_interest_rates_fall/20487.
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