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Demand for home loans climbs despite surging mortgage rates 

Housing Wire

It’s counterintuitive but real: Despite surging mortgage rates , borrowers’ demand for home loans rose last week. There were very low levels of mortgage applications in the weeks prior to the surprising uptick. In addition, loan officers said that investors took advantage of a slower market.

Loans 388
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Government mortgage loan demand drops as affordability issues loom

Housing Wire

Mortgage rates declined last week as headlines on the bank crisis slowed, which could have spurred borrowers’ demand for home loans. Overall, mortgage applications declined 4.1% last week on a seasonally adjusted basis, down from one week earlier, according to the Mortgage Bankers Association (MBA).

Loans 417
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Mortgage applications rise to highest level since July 2022

Housing Wire

Purchase loan applications saw more modest increases of 0.4% Mortgage rate declines appear to be having a positive impact on borrower demand as MBA data showed that the 30-year fixed rate declined for an eighth straight week, reaching 6.13%. Rising home prices are reflected in larger loan sizes.

FHA loan 430
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Mortgage originations rebounded by 23% in Q2

Housing Wire

million residential mortgage originations in the second quarter of 2024, an increase of 23.2% The increase in overall lending in Q2 came amid the Spring homebuying season and lower mortgage interest rates that dipped downward after months of increases, according to Attom ’s Q2 residential property mortgage origination report.

Mortgages 415
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Home loan demand increases despite higher mortgage rates

Housing Wire

Higher mortgage rates did not scare away potential homeowners last week. Borrower demand for home loans increased across the board, despite rates being at their highest level in over a month. retail residential mortgage applications. Mortgage apps also rose 4.7% for home purchases and 1.7%

Loans 403
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Demand for mortgages picks up: MBA

Housing Wire

There is still little incentive for homeowners to refinance with rates at these levels.” The MBA survey shows the average mortgage rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.78% last week, up from 6.75% the prior week. the week before.

Mortgages 488
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Mortgage applications decline ahead of Fed meeting

Housing Wire

The average loan size for purchase applications has risen in recent weeks to $444,100, the largest average loan size since May 2022, Kan added. On the strength of lower mortgage rates, homebuyers are reclaiming some purchasing power. retail residential mortgage applications. the previous week.

Mortgages 460