Mortgage demand from homebuyers gets a boost as interest rates continue to fall

by anastasiakaufman-chime-me

PUBLISHED WED, NOV 29 20237:00 AM ESTUPDATED 22 MIN AGO

CUTLER BAY, FLORIDA - APRIL 20: Ryan Ratliff (L), Real Estate Sales Associate with Re/Max Advance Realty, shows Ryan Paredes (R) and Ariadna Paredes a home for sale on April 20, 2023 in Cutler Bay, Florida. In a report by the National Association of Realtors, existing-home sales edged 2.4% lower in March to a seasonally adjusted annual rate of 4.44 million. In addition, sales declined 22.0% from one year ago.. (Photo by Joe Raedle/Getty Images) — Ryan Ratliff (L), Real Estate Sales Associate with Re/Max Advance Realty, shows Ryan Paredes (R) and Ariadna Paredes a home for sale on April 20, 2023 in Cutler Bay, Florida. Joe Raedle | Getty Images

Mortgage rates fell last week for the fourth time in five weeks, and homebuyers appear to be responding. Demand from current homeowners to refinance, however, fell sharply.

That left total mortgage application volume essentially flat last week, up just 0.3% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

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