6.9% rise in US mortgage application volume led by 16% increase in refinancing, driven by low interest rates.
Mortgage application volume increased by 6.9% in the US last week, driven by a 16% rise in refinancing applications. The lowest interest rates in over a year prompted the surge, with the average 30-year fixed mortgage rate dropping to 6.55%. Despite this, purchase application activity remained muted, with potential homebuyers waiting for more houses to become available on the market at lower prices. The Federal Reserve's dovish communication and a weak jobs report are attributed to the rapid decline in mortgage rates.
August 07, 2024
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