CoStar News
Summary:
Mortgage applications have surged to their highest level since January 2023 as borrowers take advantage of easing mortgage rates. The Mortgage Bankers Association reported a 17% increase in applications for the week ending August 9, driven by a 35% jump in mortgage refinances, which are up 118% from a year ago. The average 30-year fixed-rate mortgage dropped to 6.47%, its lowest level since May 2023, sparking renewed interest in both refinancing and new home purchases. Economists expect this trend to continue, especially if the Federal Reserve cuts interest rates in the near future.