Mortgage rates dropped last week, and homebuyers jumped off the fence.
They drove total mortgage demand up 6.3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
While the drop in rates wasn’t exactly huge, there was a fair amount of pent-up demand among homebuyers.
Last year at this time mortgage rates were higher, but falling.
The increase in conventional purchase applications helped push the average purchase loan size to $439,200, its highest level in almost a month,” Joel Kan, an MBA economist, said in a release.
Persons:
homebuyers, ” Joel Kan, ”, Kan, Matthew Graham
Organizations:
Mortgage, “, pullbacks, Mortgage News