Mortgage Rates Down, Applications Up

According to the Mortgage Brokers Association, application rate volume jumped to 9.3% last week. The results were seasonally adjusted, including for the Memorial Day holiday.

It’s likely that this increase was due (in large part) to falling rates along with a natural make-up for a drop off seen the couple weeks prior.

Refinancing applications went down as well (7% seasonally adjusted) as more homeowners look to reap the benefits of the current market rates.

Given the high demand for housing, purchase applications should be higher, but a lack of affordable homes for sale is likely keeping volume low.

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