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Mortgage demand improves marginally despite rising interest rates

BusinessReal EstateMortgage demand improves marginally despite rising interest rates
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A “For Sale” sign outside a home on Friday, February 17, 2023 in Atlanta, Georgia.

Dustin Chambers | Bloomberg | Getty Images

after dropping Mortgage demand recovered slightly, hitting a 28-year low last week, even as interest rates edged higher.

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Total mortgage application volume rose 7.4% last week mortgage bankers associationseasonally adjusted index.

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This occurred even as the average contract interest rate for a 30-year fixed-rate mortgage with a corresponding loan balance ($726,200 or less) increased from 6.79% to 6.71%, as well as an increase of 0.77 to 0.80 points for loans with a corresponding loan balance ($726,200 or less). including origination fee). 20% down payment. This is the highest level since November 2022 and is 270 basis points higher than a year ago.

“Even with higher rates, there was an increase in applications last week, but it compared to a much lower level from two weeks of declines,” said Joel Kahn, an MBA economist.

Applications for home loan refinance increased 9% week over week but were down 76% compared to the same week a year ago. At last week’s rate, there were barely 200,000 borrowers who could get monthly savings from refinancing, compared with more than 2 million who could benefit from a year ago rate cut, calculated Black Knight, a mortgage data and analytics firm. According to.

Mortgage applications to buy a home rose 7% for the week and were down 42% compared to the same week a year ago. There’s more inventory on the market now than there was a year ago, but new listings are still thin, suggesting that what’s for sale isn’t selling fast enough.

The surge in demand could be the start of a traditionally busy spring market. However, the share of adjustable-rate mortgage applications rose last week, suggesting that more buyers are pulling to afford today’s expensive housing market. ARMs offer lower interest rates at higher risk.

mortgage rates are went even higherMore than 7%, according to a separate poll by Mortgage News Daily. Federal Reserve Chairman Jerome Powell told lawmakers on Capitol Hill on Tuesday that rate hikes were on the way may flare up again, This spooked investors and pushed up bond yields. Mortgage rates follow the yield on the 10-year Treasury.

Matthew Graham, chief operating officer of Mortgage News Daily, said, “Even though Fed Chair Powell didn’t say anything notably new or different, the market did enough in his delivery to change the course of Fed funds rate expectations in a meaningful way.” read.”

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