Mortgage demand jumps nearly 28% in one week, as interest rates drop to lowest point in months

Written by RG Gaznabi

  • Mortgage rates are at the lowest level since September, and that is bringing new demand into the mortgage market

  • The average contract interest rate for 30-year fixed-rate mortgages decreased last week to 6.23% from 6.42%

  • Applications for a mortgage to purchase a home increased 25% week to week, but were 35% lower than the same week one year ago

  • Refinance demand made the biggest move, up 34% from the previous week, but it was still 81% lower than the same week one year ago

 

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RG Gaznabi
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