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As Interest Rates Drop, Mortgage Demand Hits Three Year High

  • September 10th

by UrbanTurf Staff

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Mortgage demand hit its highest level since 2022 last week as interest rates fell. 

Total mortgage volume rose 9.2%, according to the Mortgage Bankers Association (MBA) on Wednesday. Applications to purchase a home rose 7% week-over-week, and were 23% percent higher than a year ago. The Refinance Index rose 12% from the previous week, and was 34% higher than the same week one year ago.

“Mortgage rates declined for the second consecutive week as Treasury yields moved lower on data indicating that the labor market is weakening,” said Joel Kan, an MBA economist in a release. “The downward rate movement spurred the strongest week of borrower demand since 2022, with both purchase and refinance applications moving higher.”

See other articles related to: mortgage demand

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/as_interest_rates_drop_mortgage_demand_hits_three_year_high/23848.

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