Economy

Weekly mortgage demand from homebuyers jumps higher, up 19% annually

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As temperatures soar this summer, homebuyer demand is heating up with it. Add that to an already strong refinance market, and total mortgage application volume rose 4.1% last week from the previous week, according to the Mortgage Bankers Association.

Helping to fan demand were mortgage rates hovering near a record low. 

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $510,400 or less increased just barely to 3.20% from 3.19%. Points, including origination fee, increased to 0.35 from 0.33 for loans with a 20% down payment.

“Mortgage applications increased last week despite mixed results from the various rates tracked in MBA’s survey,”…



Source cnbc.com

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