The US mortgage market continues to see improvement in application volume as interest rates declined for the third consecutive week.
Mortgage applications rose 7% on a seasonally adjusted basis – up 1% when unadjusted – for the week ending January 20, according to the Mortgage Bankers Association. Refinance applications jumped 15% from the previous week, and purchase applications increased by 3%.
“Mortgage rates declined for the third straight week, which is good news for potential homebuyers looking ahead to the spring homebuying season,” said Joel Kan, MBA’s vice president and deputy chief economist. “Mortgage rates on most loan types decreased last week, and the 30-year fixed rate reached its lowest level since September 2022 at 6.2%.
Source: mpamag.com