- ORIGINAL NEWS
Weekly mortgage demand surges 11% as more homes hit the spring market
- SUMMARY
The spring housing market is starting to show signs of activity, with applications to purchase homes increasing 11% in the past week.
While demand remains slightly lower than last year, interest rates have dropped slightly to 7.02% for 30-year fixed-rate mortgages.
Despite the relatively high rates, first-time homebuyers are particularly sensitive to small rate changes, as evidenced by a significant increase in FHA loan applications.
The number of homes for sale has also risen, especially in the $200,000 to $350,000 price range, providing more options for buyers.
While there is no significant rush to refinance mortgages due to minimal rate changes, the number of applications has increased slightly from its low levels.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“Mortgage applications to purchase a home increased 11% last week compared with the previous week.”
“The first couple of months of 2024 have proven to be positive for inventory levels, as the number of homes actively for sale was at its highest level since 2020”
Negative
“Mortgage applications to purchase a home decreased 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%”