According to Mortgage Banks Association (MBA) data, mortgage applications increased by 6.5 percent in the week ending March 10 compared to the previous week.
The average interest rate for a 30-year mortgage in the country fell from 6.79 percent to 6.71 percent. Thus, the average interest rate for a 30-year mortgage fell after a 4-week rise.
In the same period, the average interest rate for a 15-year mortgage decreased from 6.25 percent to 6.14 percent.
MBA Vice President Joel Kan stated that bond yields fell at the end of last week after the bankruptcies in the USA and its possible effects, and this decline also brought down mortgage interest rates.
The blood showed that home purchase applications increased for the second week in a row, but almost 40 percent of last year’s pace. under noted that he remained.
It reached the peak of 21 years in October 2022.
Stating that lower mortgage interest rates will stimulate housing demand, Kan said that volatility in the financial market may affect buyers’ decisions.
The average interest rate for a 30-year mortgage in the US exceeded 7 percent in October 2022, reaching a 21-year high.
In the country, the tightening of the US Federal Reserve’s (Fed) aggressive monetary policy against high inflation significantly weakened the housing market.