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The interest rate on 30-year fixed-rate mortgages decreased from 6.42% to 6.34% in the week ending December 16, according to data from the Mortgage Bankers Association (MBA). ) published on Wednesday. Rates are down 82 basis points since hitting a more than two-decade high of 7.16% in late October.
The home purchase mortgage applications group index fell 0.1% from a nearly three-month high the previous week.
Demand for homes has slumped since the start of the year as rising inflation prompted aggressive interest rate hikes by the Federal Reserve, though home prices have been slow to recover. However, the worst of the mortgage rate rally may be over, as central banks are slowing the pace of rate hikes and ultimately heading towards a pause in their rate hike cycle.
The overall MBA mortgage application index, which includes refinancing applications, rose 0.9%. The refinancing activity index increased 6%, the largest increase in three months.
The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and savings banks. The data covers more than 75% of all US retail residential mortgage applications.
Source: Gestion
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