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Mortgage Demand Rises After Fed Signals Pause in Rate Hikes

  • May 10th 2023

by UrbanTurf Staff

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Mortgage rate chart_05-04-23.png

Mortgage refinancing and purchase demand rose last week after the Federal Reserve signaled that it would pause rate hikes. 

Mortgage application volume rose 7% week-over-week, the Mortgage Bankers Association (MBA) reported on Wednesday. 

“Mortgage applications responded positively to a drop in rates last week, as the Fed signaled a potential pause at the current level for the federal funds rate in anticipation of inflation slowing and tightening financial conditions that will slow economic and job growth," Joel Kan, MBA’s Vice President and Deputy Chief Economist, said in a release. "Lower rates from week to week have helped buyers in the market, but limited for-sale inventory remains a challenge for many homebuyers."

On Thursday, Freddie Mac will release its weekly interest rates, so it will be interesting to see if rates fall as the result of the Federal Reserve's signals. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_demand_rises_after_fed_signals_pause_in_rate_hikes/21004.

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