A key measure of home-purchase application jumped more than 7% last week as mortgage rates fell below the 7% threshold for the first time in two months.
A key measure of home-purchase applications surged last week as mortgage rates dipped below 7% for the first time in more than a month. The Mortgage Bankers Association's index of mortgage applications jumped 7.1% for the week ended March 8, compared with a 9.7% increase the previous week, according to new data published Wednesday. The data also showed that the average rate on the popular 30-year loan dropped to 6.87% last week.
Housing demand had ground to a halt earlier this year as rates moved higher, but it is stirring back to life as rates start to fall. Applications for a mortgage to purchase a home rose 5% from the previous week. Application volume is down 11% compared with the same time last year. Demand for refinancing also climbed higher last week, rising 12% from the previous week, according to the survey. Compared with the same time last year, refinance applications are up 5%.
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