The weekly mortgage demand increases by 11% higher because the interest rates went back

The mortgage interest rates have decreased to the lowest interest rate since October last year, and this made demand even higher in the past week after a significant jump in the previous week.

According to the seasonal, index of the Mortgage Bankers Association, the total applications from Mortgage Bankers Association rose by 11.2%from week to week.

The average contract interest rate for 30-year fixed mortgages with compliant loan credit of $ 806,500 or less decreased from 6.73% to 6.67% last week, with the points to 0.63 out of 0.60, including the originating fee, for loans with a down payment from 20% to 0.63. The rate was 17 basis points lower than before the same week a year ago.

“The mortgage interests decreased in the sixth week in a row, with the 30-year-old fixed interest rate to 6.67%, the lowest level since October 2024,” said Joel Kan, MBA economist in a press release.

Applications for refinancing a residential building loan that is most influenced in the weekly changes in interest rates, rose by 16% compared to the previous week and was 90% higher than the same week ago a year ago. The vast majority of borrowers today have the tariffs that are available far below the available today, but those who have been able to achieve some savings in the past two years, when the tariffs were higher. The percentage increase is great, mainly because the total volume is still quite low.

Applications for a mortgage to buy a home rose by 7% a week and were 4% higher than the same week ago a year ago.

“When we entered the spring HomeBuying season, the activities in all credit categories in all loan categories. Can add. “

The mortgage lenses are essentially flat to start this week after it has dropped on Monday and the same amount will increase on Tuesday. This is based on a separate survey by Mortgage News Daily. The publication of the monthly consumer price index on Wednesday, an essential degree of inflation, could better send interest rates in both directions.