Posted 3/13/2024, 1:40:00 PM
Mortgage Applications See Uptick as Rates Dip Below 7%
- Mortgage application index jumped 7.1% last week as rates dipped below 7% for first time in over a month
- Average 30-year mortgage rate dropped to 6.87% due to weaker economic data
- Purchase applications rose 5% from previous week but are down 11% from last year
- Refinance applications climbed 12% week-over-week but remain low compared to last year
- Housing inventory still down 34.3% from pre-pandemic levels as sellers reluctant to give up low rates