General World News

Mortgage demand rises but remains well below last year’s level

Two straight weeks of mortgage rate declines helped spur consumer demand, according to the latest figures from the Mortgage Bankers Association.

For the week that ended June 9, mortgage applications climbed 7.2% from the prior week. It can partly be explained by the 30-year fixed rate decreasing to 6.77% during roughly the same period.

“Mortgage applications were up over the week, but remained well below levels from a year ago,” said Joel Kan, MBA’s vice president and deputy chief economist. “Rates that are still more than a percentage point higher than a year ago, details ⇒

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