US Mortgage Applications Increase by 2.6%... Interest Rates Slightly Decline

The number of weekly mortgage applications in the United States increased by 2.6% compared to the previous week, the Mortgage Bankers Association announced on the 8th (local time). The previous week recorded a -2.3% change.

[Image source=AP Yonhap News]

The average interest rate for 30-year fixed-rate mortgages fell from 7.29% last week to 7.18% this week. This rate had been rising for four consecutive weeks but dropped for the first time since March.

Bloomberg reported, "Mortgage rates declined as Federal Reserve Chairman Jerome Powell signaled a lower likelihood of interest rate hikes," but added, "They still remain more than double the levels seen at the end of 2021."