A brief drop in mortgage rates caused a huge surge in demand, but it may be short-lived

PUBLISHED WED, JUN 12 20247:00 AM EDTUPDATED 5 HOURS AGO

By: Diana Olick

A new home is marked sold at a subdivision called Pintail Commons by Landsea Homes in Johnstown, Colorado on June 10, 2024. RJ Sangosti | MediaNews Group | Denver Post | Getty Images

Mortgage rates dropped for much of last week, causing total mortgage application volume to surge nearly 16% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

But rates jumped back up again after a stronger-than-expected monthly employment report Friday.LEARN MORE…

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