Several pieces of data saw increases in the past week, from mortgage demand to refinancing and purchases, according to the latest data from the Mortgage Bankers Association.
A decline in mortgage rates has boosted homebuyer interest in recent weeks.
Demand for mortgage applications climbed 2.9% from a week earlier, according to the weekly survey from the Mortgage Bankers Association.have been moving lower since the collapse of Silicon Valley Bank triggered fears of a broader banking meltdown. "Application activity increased as mortgage rates declined for the third straight week", said Joel Kan, MBA’s vice president and deputy chief economist. "The 30-year fixed rate declined to 6.45%, the lowest level in over a month." The decline in rates sparked interest among the other homebuying metrics."Refinance activity also picked up last week, but remains 61 percent below last year’s pace", added Kan.
The survey covers over 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990.
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