Real Estate

Mortgage applications inch up for the first time in five weeks

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People wait to visit a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020.

Wany Ying | Xinhua News Agency | Getty Images

Mortgage applications inched up last week for the first time since June 24. Total mortgage demand increased 1.2% as the average 30-year fixed mortgage rate made the largest weekly drop since 2020.

Applications to refinance a home rose 2%, according to the Mortgage Bankers Association, but the annual drop was still huge, down 82% since last year.

Applications to purchase a home increased 1% and were down 16% from one year ago.

The slight increases came as mortgage rates dropped 0.31 percentage point from 5.74% to 5.43% following the…



Source cnbc.com

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