Mortgage interest rates dropped a couple of weeks ago to the lowest level since May 2023, causing a surge in mortgage demand from both homebuyers and especially from current homeowners.
Mortgage rates decreased across the board a couple of weeks ago… following doveish communication from the Federal Reserve and a weak jobs report, which added to increased concerns of an economy slowing more rapidly than expected,” said Joel Kan, vice president and deputy chief economist at the MBA, in a release.
Despite the downward movement in rates, purchase activity only saw small gains, with an increase in conventional purchase applications offset by decreases in government purchase applications.
