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Average Mortgage Rates Experience Another Decline
Dated: May 15 2023
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As indicated by the Weekly Applications Survey conducted by the Mortgage Bankers Association, average mortgage rates observed a further decrease during the previous week, encompassing all types of loans. The decline was noticeable in 30-year fixed-rate loans, including those with conforming and jumbo balances, loans supported by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs.
Joel Kan, the Vice President, and Deputy Chief Economist at MBA, elaborated on the consequent surge in demand for mortgage applications. He mentioned, "The rate reduction last week had a positive impact on mortgage applications, following the Federal Reserve's indication of a potential pause in the current federal funds rate level. This anticipation of slowing inflation and tighter financial conditions, impeding economic and job growth, prompted increased demand." The favorable rates led to a notable 5 percent upturn in home purchase loan inquiries and a significant 10 percent rise in refinance activity. The MBA's comprehensive weekly survey, active since 1990, encompasses 75 percent of all retail, residential mortgage applications.
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