News: Weekly Mortgage Demand Surges 14% Amid Decreasing Interest Rates
Wednesday, 18 September 2024, 14:24
News: Weekly Mortgage Demand Surges
News reveals that total mortgage application volume increased by 14.2% last week, attributed to falling mortgage rates. The Federal Reserve's anticipated interest rate cut could further influence this trend.
Details of Mortgage Rate Changes
- The average contract interest rate for 30-year fixed mortgages dropped to 6.15% from 6.29%.
- This marks the lowest rate since September 2022.
Refinancing Demand Climbs
Refinancing applications surged by 24% compared to the previous week, illustrating strong demand from homeowners who initially purchased properties during peak rates.
Purchase Applications Remain Steady
- Applications for home purchases rose by 5% week-over-week.
- Yet, they still lagged 0.4% behind figures from the same period last year.
This combination of lower mortgage rates and improving affordability is reviving interest among homebuyers.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.