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A brief drop in US mortgage rates caused a huge surge in demand, but it may be short-lived
Mortgage rates dropped for much of last week, causing total mortgage application volume to surge nearly 16% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. But rates jumped back up again after a stronger-than-expected monthly employment report Friday. For the 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 7.07%, with points unchanged at 0.65 (including the origination fee) for loans with a 20% down payment. For the bulk of the week, rates were lower than ... (full story)
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- Jun 12, 2024 8:19am Jun 12, 2024 8:19am
- ilhaner
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- dexilences
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- Posted: Jun 12, 2024 7:52am
- Submitted by:Category: Fundamental AnalysisComments: 2 / Views: 5,209
