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Mortgage Demand Moves Higher
Dated: May 1 2023
Views: 84
The Mortgage Bankers Association's Weekly Applications Survey has revealed a rise in demand for mortgage applications in the past week compared to the previous week. The gains were observed in purchase and refinance activities, with an overall increase of 3.7 percent week-over-week. This surge happened despite the average mortgage rates going up. The rates for 30-year fixed-rate loans with conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans increased from the previous week.
The reason for this rise in rates, according to Joel Kan, MBA's vice president and deputy chief economist, is because of the increase in Treasury yields. Kan said, "Despite indications of a deceleration in the U.S. economy, the market is still anticipating the Fed to hike short-term rates in its forthcoming meeting, which has marginally raised Treasury yields. Due to these higher yields, mortgage rates have increased for the second consecutive week, hitting their highest level in over a month." The MBA's weekly survey has been conducted since 1990, encompassing 75% of all retail residential mortgage applications.
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