Has demand for mortgages started coming back?

Dallas Suburban Houses | mortgage rate news

Applications for home loans start to increase

A recent report from the Mortgage Bankers Association showed that mortgage application volume is up when comparing week-over-week data. Total mortgage application volume rose 2.5% last week when compared to the previous week.

Also rising on the weekly chart was refinance applications. Home loan refinance applications were up 2% week-over-week.

“Last week’s decrease in rates was driven by the U.S. Treasury’s issuance update, the Fed striking a dovish tone in the November FOMC statement, and data indicating a slower job market,” said Joel Kan, vice president and deputy chief economist at the MBA.

Mortgage rates down for second day in a row

The national average for a 30-year, fixed-rate mortgage ended Wednesday’s session down 0.05% to 7.41%*.

The 10-year treasury note auction was held by the U.S. treasury department on Wednesday, and the reaction was described as ‘not weak’. The relative strength in the auction spurred a bond market rally which supported the small cool off in mortgage rates.

Median home price in DFW below $400k

According to a recent report, the median home price in the Dallas-Fort Worth Area has fallen below $400k for the first time since last March.

The median price of a single-family home in the DFW metro area was only $398,000. This is the fourth consecutive month-over-month decline for the area and was down about $2,000 from the previous month.

Also, active listings in the area are up 7% year-over-year, and more homes have been sitting on the open market while a few newly listed homes have trickled in. The area has at least three months of available inventory.

* National average rates accurate as of 11/8/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.

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