Homebuyer mortgage demand jumps after interest rates drop to two-month low

by anastasiakaufman-chime-me

PUBLISHED WED, APR 12 20237:00 AM EDT

Homes in Centreville, Maryland, US, on Tuesday, April 4, 2023. The Mortgage Bankers Association is scheduled to release mortgage applications figures on April 5. Photographer: Nathan Howard/Bloomberg via Getty Images — Homes in Centreville, Maryland, US, on Tuesday, April 4, 2023. Nathan Howard | Bloomberg | Getty Images

Today’s housing market is so pricey that homebuyers are highly sensitive to any distinct moves in mortgage rates. And that’s what happened last week. Rates dropped, and buyers dove in.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.30% from 6.40%, with points decreasing to 0.55 from 0.59, including the origination fee, for loans with a 20% down payment, according to the Mortgage Bankers Association. That was a weekly average decline, but a sharper, one-day drop smack in the middle of the week was likely the impetus for demand…. READ MORE>>>https://www.cnbc.com/2023/04/12/homebuyer-mortgage-demand-jumps-as-interest-rates-hit-two-month-low.html

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