- ORIGINAL NEWS
Weekly mortgage demand surges 11% as more homes hit the spring market
- SUMMARY
The housing market is showing signs of activity despite high mortgage rates.
Mortgage applications to purchase a home rose by 11% last week, and the average interest rate for 30-year fixed-rate mortgages slightly decreased to 7.02%.
However, the number of homes for sale has also increased, with more homes available in the $200,000 to $350,000 range.
Meanwhile, applications to refinance a home loan increased 8% but remain low due to few borrowers being able to benefit from lower rates.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“Mortgage applications to purchase a home increased 11% last week compared with the previous week.”
“The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 7.02% from 7.04%.”
Negative