Mortgage demand saw an increase of 1.2% as the average 30-year fixed mortgage rate hit rock bottom since 2020

Last week, for the first time since June 24, mortgage applications rose and total mortgage demand grew by 1.2% due to a significant drop in the average 30-year fixed mortgage rate since 2020.
Applications to refinance a home grew by 2% but the annual dropped by 82% since last year, and applications to purchase a home grew by 1% but were down 16% from 2021.
The small rise is due to mortgage rates dropping by 0.31% points to 5.43% which showed the contracted U.S. economy in the second quarter.
The housing availability expectations rose in all regions except the Midwest, in the West, it grew by 13% points, in the Northeast, the share soared to 6% points, in the South, it was up 1% point, but in the Midwest, it fell by 1% point.

Previous Next