Mortgage demand showed a slight increase last week, with a 1.6% rise in loan application volume, as lower mortgage rates attracted more borrowers.
Joel Kan from the MBA noted that most mortgage rates moved lower last week, contributing to a modest increase in refinance applications despite some declines.
The average rate for 30-year fixed-rate conforming loans fell to 6.43%, while jumbo loans decreased to 6.73%, indicating a slight easing in rates.
Loan officers express skepticism over substantial rate drops even if the Fed lowers benchmark rates, emphasizing that consistent employment rates are key to rate fluctuations.
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