Homebuyer demand for mortgages jumps 12% after first interest rate drop in over 2 months

Published Wed, Nov 27 20247:00 AM ESTUpdated Wed, Nov 27 20249:53 AM EST

By: Diana Olick

Mortgage rates dropped last week, and homebuyers jumped off the fence. They drove total mortgage demand up 6.3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.86% from 6.90%, with points remaining unchanged at 0.70, including the origination fee, for loans with a 20% down payment.LEARN MORE…

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