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2d ago

Mortgage Demand Jumps 11% as Rates Dip Below 7%

A decline in mortgage rates sparks increased purchase and refinance applications, with borrowers awaiting Fed Chair Powell's next remarks on rate policy.

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Overview

  • Weekly mortgage applications for purchases and refinances surged by 11%, driven by a drop in rates and strong demand for conventional and VA loans.
  • The average 30-year fixed mortgage rate fell to 6.84%, while the 30-year refinance rate declined to 7.12%, reflecting a slight easing from April's peaks.
  • VA refinance applications rose by 26% for the week, contributing to a 51% year-over-year increase in overall refinance demand.
  • Regional disparities persist, with refinance rates ranging from 6.88% in states like California and Texas to over 7.2% in states such as West Virginia and Hawaii.
  • Market participants are closely monitoring the upcoming Federal Reserve meeting for potential policy signals from Chair Jerome Powell that could influence future mortgage rate trends.