"Last week's incoming data showed an economy that is still growing at a solid pace, even as inflation continues to decline. As a result, mortgage rates were up modestly," said Mike Fratantoni, MBA's SVP and chief economist in a release.
"Applications to refinance a home loan fell 3% for the week but were still a striking 186% higher than the same week one year ago."
"Inventories of both new and existing homes have been increasing over the course of 2024, meaning that potential buyers have properties to look at and now have somewhat lower mortgage rates leading to better affordability," Fratantoni added.
"Some buyers, however, may be sitting on the sidelines, expecting rates to move even lower in the coming months."
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