Mortgage Demand Rises as Interest Rates Dip Below 7%

Mortgage demand climbed this week, following a drop in interest rates to 6.84% from 7.02% for 30-year fixed-rate loans. Refinancing applications jumped 12%, showing a 5% increase from the same period last year. Meanwhile, home purchase applications grew by 5% week-over-week, though they remain 11% lower than last year’s figures.