- ORIGINAL NEWS
Mortgage demand surges more than 10% as lower interest rates lure homebuyers
- SUMMARY
Another decrease in mortgage interest rates caused a surge in loan applications.
The average rate for a 30-year fixed-rate mortgage fell to 6.75%, leading to a 10.4% increase in total mortgage application volume.
Home purchase applications saw a 9% increase, but were still below last year’s levels due to higher rates a year ago.
Homeowners also took advantage of lower rates, with refinancing applications rising by 11% and surpassing year-ago levels.
The recent rate drop influenced potential buyers, like Nakita Bell, to consider purchasing homes.
Current homeowners with higher rates found an opportunity to save money through refinancing.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“Applications for a mortgage to purchase a home rose 9% for the week.”
“Applications to refinance a home loan increased 11% compared with the previous week.”
“Another drop in mortgage interest rates caused a run on loans last week.”
“Total mortgage application volume jumped 10.4%, compared with the previous week”
Negative