Weekly mortgage demand surges 11% higher, as interest rates dropped for the sixth straight week
Mortgage rates fell to the lowest rate since October last year, prompting the demand to the top of last week, after a big jump in the previous week.
Total mortgage requests increased from 11.2 % week to a week, according to the seasons of the mortgage association index.
The average interest rate in the mortgage contract decreased for 30 years with identical loans balances, 806,500 dollars or less, last week to 6.67 % of 6.73 %, with points increasing to 0.63 of 0.60, including construction fees, for the batch of payment by 20 %. The rate was 17 basis points less than in the same week a year ago.
Joel Kan, an economist in a master’s master, said
Requests for re -financing of the home loan, which are greatly affected by weekly changes, increased by 16 % than the previous week and were 90 % higher than the same week one year ago. The vast majority of borrowers today have much lower prices than available today, but those who bought in the past two years, when prices have been higher, may now be able to get some savings. Mainly large percentage increases because the total size is still very low.
Mortgage requests rose to buy a 7 % house for the week and were 4 % higher than the same week a year ago.
“With our entry into the spring season, the activity had risen across all loan categories. Government requests witnessed a 11 % increase – the federal housing management rate helped to 6.34 %. In addition, the average loan volume was higher, as the purchase loan amount reached 460,800 dollars, which is the highest in the survey dating back to 1990,” added.
The mortgage rates are mainly flat to start this week, after their decrease on Monday and then rise in the same amount on Tuesday, according to a separate scan from news Mortgage Daily. The issuance of the monthly consumer price index on Wednesday, which is a main measure of inflation, can send more prices in either direction.
