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Long-term mortgage rates dropped to their lowest level of the year last week and both homebuyers and homeowners took notice.
Total mortgage application volume surged 20% last week, the Mortgage Bankers Association reported on Wednesday, as interest rates dropped to 6.73%. Applications to purchase a home rose 9% week over week, while refinance applications jumped 37%.
“This is a period where we typically see purchase activity ramp up and purchase applications were up over the week and continued to run ahead of last year’s pace, more green shoots as we head into the spring homebuying season,” said Joel Kan, MBA vice president and deputy chief economist said in a release.
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This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_surges_as_rates_drop_to_two-month_low/23259.
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Mortgage rates continued their decline this week.
Freddie Mac reported 6.76% as the average on a 30-year mortgage, down nine basis points from last week. Long-term rates have now fallen for six weeks in a row, and are at their lowest level in two months.
“The drop in mortgage rates, combined with modestly improving inventory, is an encouraging sign for consumers in the market to buy a home,” said Sam Khater, Freddie Mac’s Chief Economist.
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
See other articles related to: interest rates, mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_%20rates_hit_two_month_low/23241.
