Mortgage Demand Inches Higher

MBA: As interest rates move lower, home loan demand is ticking up. Mortgage applications to buy a home rose 4% for the week, though still 38% lower year-over-year.

WASHINGTON – According to the Mortgage Bankers Association (MBA), mortgage application volume rose 3.2% last week after a month of declines.

Mortgage applications to purchase a home rose 4% for the week but were 38% lower than the same week one year ago.

Meanwhile, refinancing applications rose 3% last week as well, but they were still 85% lower than the same week last year. The drop in rates from a high of just over 7% in October added to the still-tiny pool of potential borrowers who could benefit from a refinance.

MBA economist Joel Kan says, “The ongoing moderation in home-price growth, along with further declines in mortgage rates, may encourage more buyers to return to the market in the coming months.”

Demand for adjustable-rate mortgages dropped to 7.7% of total applications last week from just under 13% in October, when rates were much higher.

Source: CNBC (12/14/22) Olick, Diana

© Copyright 2022 INFORMATION, INC. Bethesda, MD (301) 215-4688

Leave a Comment

Your email address will not be published. Required fields are marked *

Reset password

Enter your email address and we will send you a link to change your password.

Get started with your account

to save your favourite homes and more

Sign up with email

Get started with your account

to save your favourite homes and more

By clicking the «SIGN UP» button you agree to the Terms of Use and Privacy Policy
Powered by Estatik