Mortgage applications increased slightly last week, fueled by a dip in interest rates that motivated borrowers to act, according to the Mortgage Bankers Association (MBA).
Home loan applications rose 1.9% on a seasonally adjusted basis from the previous week, spurred by a three-week decline in the 30-year fixed mortgage rate to 7.01% – the lowest in seven weeks. On an unadjusted basis, mortgage applications experienced a 1.1% rise.
“Rates coming down from recent highs spurred some borrowers to act, with increases across both conventional and government refinance applications,” said Joel Kan, vice president and deputy chief economist at MBA.
