Weekly mortgage demand surges 20% higher, after interest rates drop to the lowest since last year

A sharp drop in mortgage interest rates sparked a 20.4% increase in total mortgage application volume last week, with both refinancing and home purchase applications on the rise. The decline in rates, driven by souring consumer sentiment and new tariffs, led to the largest weekly drop in 30-year fixed rates since November 2024. While purchase applications were up 9% from the previous week, buyers still face challenges of high prices, limited inventory, and economic uncertainty.

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