Mortgage Rates See Biggest Decline Since 2020

Mortgage Rates See Biggest Decline Since 2020

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates saw their biggest decline in two years last week. Rates fell across all loan categories. Including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the FHA, and 15-year fixed-rate loans.

Mortgage Rates Decline

Joel Kan, MBA’s associate vice president of economic and industry forecasting, says lower rates could help spark more buying activity. “The drop in rates led to increases in both refinance and purchase applications, but compared to a year ago, activity is still depressed,” Kan said. “Lower mortgage rates, combined with signs of more inventory coming to the market, could lead to a rebound in purchase activity.” Last week, mortgage application demand was up 1.2 percent, with a 2 percent increase in refinance activity and a 1 percent bump in demand for loans to buy homes. The MBA’s weekly survey, started in 1990, covers 75 percent of all retail residential mortgage applications. Click on the link for more information.

A1 Mortgage

Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your needs. So come get pre-approved and start shopping for your dream home by clicking here!

Share This Story, Choose Your Platform!