Mortgage Rate Drop First In 12 Weeks

Mortgage Rate Drop First In 12 Weeks

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week for the first time in 12 weeks. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The invasion of Ukraine, says Joel Kan of MBA, was the reason for the drop in mortgage rate.

Mortgage Rate Drop

“Mortgage rates dropped for the first time in 12 weeks, as the war in Ukraine spurred an investor flight to quality, which pushed U.S. Treasury yields lower,” Kan said. “Looking ahead, the potential for higher inflation amidst disruptions in oil and other commodity flows will likely lead to a period of volatility in rates as these effects work against each other.”

Lower rates helped push demand for mortgage applications higher than the week before. There were also significant increases in both refinance and purchase activity. The MBA’s weekly survey, conducted since 1990, covers 75 percent of all retail residential mortgage applications. Follow the link for more information.

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