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

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

Mortgage application volume jumped nearly 28% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Rates hit a recent high of around 7.2% at the end of October on the MBA's survey but ended the year at 6.58%. One year ago, the average rate on the 30-year fixed was 3.64%.

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

still too dam high lol

DianaOlick Corporations cutting jobs because of artificial intelligence. Who will buy a house ?

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U.S. mortgage interest rates fall to lowest levels since September, MBA saysThe average interest rate on the most popular U.S. home loan dropped to its lowest level since September as more evidence inflation is past its peak sent Treasury yields lower, data from the Mortgage Bankers Association (MBA) showed on Wednesday. Weird, the Fed hasn't lowered anything, it's almost like rates could have been lower the whole time.
Source: Reuters - 🏆 2. / 97 Read more »