Some lenders have experienced a spike in borrowers’ demand for mortgage loans following last week’s rate collapse due to softer inflation data. However, according to executives and loan officers, it’s too early to say that this marks a turning point in the shrinking mortgage market.
To illustrate how fast mortgage rates have declined, the 30-year fixed rate decreased this week to an average of 6.61%, down from last week’s 7.08%, according to the latest purchase mortgage survey from Freddie Mac. The same rates averaged 3.10% one year ago.
“Mortgage rates tumbled this week due to incoming data that details ⇒
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