Mortgage applications increased 1.9% last week due to lower interest rates, with refinancing applications up 21% YoY.
Mortgage applications increased 1.9% last week due to lower interest rates. The Mortgage Bankers Association's Market Composite Index rose by 1.9%, driven by a 7% spike in refinancing applications, up 21% from the same week in 2023. However, purchase applications declined by 1% and were 11% lower than the previous year due to limited inventory and high prices. The average 30-year mortgage rate dropped to 7.01% from 7.08% the previous week.
May 22, 2024
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