Mortgage applications rose last week as the markets interpreted the Federal Reserve’s stance on rate hikes as potentially complete. This activated the mortgage market as applications rose 6.3% with a noticeable increase in refinancing activity. Notably, investors have been apparently anticipating a change in the rate posture for some time and reacted quickly.
The primary activity was driven by refinance activity, with a 6.9% increase in comparison to the week before. A boost was also seen in purchase applications, increasing 4.3% from the previous week. Improvements in the mortgage market often translates to the broader housing market, with experts expecting the uptick in activity to continue in the coming weeks.
Summary Points:
• Market reaction to Federal Reserve’s potential rate hike completion
• Mortgage applications rose by 6.3% with a 6.9% increase in refinance activity
• Purchase applications up 4.3% from previous week
• Improvement in the mortgage market expected to continue in the coming weeks
You can read this full article at: https://www.housingwire.com/articles/mortgage-apps-increase-amid-expectation-of-feds-pause-in-rate-hikes/(subscription required)
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