Mortgage loan applications jumped 11% from the previous week, driven by a combination of home purchases and refinancing activities, revealing substantial buyer interest during a time of decreasing interest rates. The refinance index saw a similar increase, 51% higher than the same week last year. Experts attribute this increase to improved affordability in the market and pent-up buyer demand despite existing financial concerns. Average interest rates for 30-year fixed mortgages dropped to 6.84%, further incentivizing buyers and refinancers to act in the current mortgage landscape.
"An increase in mortgage applications is somewhat surprising but altogether positive news," says Hannah Jones, senior economic research analyst for Realtor.com. "Mortgage rates have drifted lower over the last few weeks, and eager buyers are taking advantage."
"More buyers took the opportunity to refinance last week as rates continued to ease. Mortgage rates are higher than a month ago but are roughly a half-point lower than one year ago..." says Hannah Jones.
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