Mortgage rates fell to the lowest level in two months last week, spurring demand from potential homebuyers.
Mortgage applications to purchase a home rose 8% last week, compared with the previous week.
Today's housing market is so pricey that homebuyers are highly sensitive to any distinct moves in mortgage rates. And that's what happened last week. Rates dropped, and buyers dove in. "Incoming data last week showed that the job market is beginning to slow, which led to the 30-year fixed rate decreasing to 6.30% — the lowest level in two months," said Mike Fratantoni, MBA's SVP and chief economist.
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