Mortgage demand rose more than 5% last week, driven by a 27% surge in refinancing applications, according to the Mortgage Bankers Association's index. The average rate for 30-year fixed-rate mortgages fell two basis points, marking the third consecutive weekly decline. Refinances were more than 40% higher than the same week last year, although base volumes remain low as most borrowers have mortgages with rates below current levels. Purchase mortgage applications dropped 4% but remain 4% higher year over year, supported by growing housing demand and inventory.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Mortgage demand rose more than 5% last week, driven by a 27% surge in refinancing applications,
00:08according to the Mortgage Bankers Association Index.
00:11The average rate for 30-year fixed-rate mortgages fell two basis points,
00:15marking the third consecutive weekly decline.
00:18Refinances were more than 40% higher than the same week last year,
00:21although base fines ran low as most borrowers have mortgages with rates below current levels.
00:27Purchase mortgage applications dropped 4% but remained 4% higher year-over-year,
00:32supported by growing housing demand and inventory.
00:34For all things money, visit Benzinga.com slash GSTV.