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HomeLIFE STYLEREAL ESTATEMortgage Interest rates drop and demand drives up demand

Mortgage Interest rates drop and demand drives up demand

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A For Sale A sign is displayed in front of a property. Monterey Park, California On August 16, 2022.

Frederic J. Brown | AFP | Getty Images

Mortgage The interest rates dropped for the third consecutive week. However, mortgage demand rose again.

Total Last week’s application volume increased by 7% compared to the Previous weekAccording to the Mortgage Bankers Association’s Seasonally adjusted index

The The average contract interest rate on 30-year fixed-rate mortgages for conforming loan balances (726,200 or less), fell to 6.2%, from 6.23%. Points rose to 0.69 and 0.67 for loans with a 20% downpayment. That The rate was only about half of what it was one year ago.

Applications Refinance of a home loan saw the greatest gains, with 15% more than the week before. They Although they were 77% lower than the previous week a decade ago, that annual gain has been shrinking rapidly.

Mortgage Although applications for purchasing a home increased by 3% per week, they were 39% lower in the same period last year. Homebuyers These are still Market trickling backAs house prices fall slightly, so will the economy. There With inventory being low, there isn’t much left to choose from.

“Homebuying activity remains tepid, but if rates continue to fall and home prices cool further, we expect to see potential buyers come back into the market,” Joel Kan, an MBA economist. “Many have been waiting for affordability challenges to subside.”

Mortgage Rates have moved slightly higher to begin this week, but they are still within the lower range. Some real estate brokerages, like RedfinThese rates are causing an increase in buyer interest. The housing market As potential buyers and sellers wait to see how prices change, it seems that the market is still in a holding position.

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