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Mortgage Demand Surges As Rates Drop To Two-Month Low

  • March 5th

by UrbanTurf Staff

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Long-term mortgage rates dropped to their lowest level of the year last week and both homebuyers and homeowners took notice. 

Total mortgage application volume surged 20% last week, the Mortgage Bankers Association reported on Wednesday, as interest rates dropped to 6.73%. Applications to purchase a home rose 9% week over week, while refinance applications jumped 37%. 

“This is a period where we typically see purchase activity ramp up and purchase applications were up over the week and continued to run ahead of last year’s pace, more green shoots as we head into the spring homebuying season,” said Joel Kan, MBA vice president and deputy chief economist said in a release. 

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_demand_surges_as_rates_drop_to_two-month_low/23259.

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