Slight Drop in Rates Pushes Loan Demand Up
2015-06-25Broken out, refinance applications increased 2 percent last week and are up about 4 percent from a year ago, MBA reports. Meanwhile, applications for home purchases—viewed as a strong indicator of future home buying activity—rose 1 percent from the previous week, and are 18 percent higher than they were a year ago.
Mortgage rates offered a slight relief to borrowers last week. MBA reports the average 30-year fixed-rate mortgage last week dropped to 4.19 percent; it was averaging 4.22 percent the week prior. But the drop was likely short-lived and there were signs of lenders moving rates higher Tuesday, CNBC reports.
Source: NATIONAL ASSOCIATION OF REALTORS®
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