Mortgage refinance demand at 2-year high
The latest mortgage application report from the Mortgage Bankers Association shows that the demand for refinancing spiked. Mortgage rates dipped to the their lowest levels since March 2024 this past month, and applications to refinance jumped 15% week-over-week, and 37% comparing the same week to the past year.
Joel Kan, the MBA’s vice president and deputy chief economist, offered a sunny outlook and stated, “Mortgage rates declined last week, as recent signs of cooling inflation and the increased likelihood of Fed rate cuts later this year pulled them lower.”
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Why are international buyers pulling back from U.S. housing?
Recent housing market data showed that international buyers purchased 54,300 homes in the U.S. from April 2023 to March 2024. That may sound like a lot, but it’s actually 36% lower than the previous 12 months. This is also the lowest level of international investment since the National Association of Realtors started tracking in 2009.
Lawrence Yun, the chief economist for the NAR, said, “The strong U.S. dollar makes international travel cheaper for Americans but makes U.S. homes much more expensive for foreigners. Therefore, it’s not surprising to see a pullback in U.S. home sales from foreign buyers.”
Did mortgage rates start a new winning streak?
After ticking higher for the first time in eight days, the national average rate for a 30-year, fixed-rate mortgage dipped 0.01% to 6.83%* yesterday. The market had an active calendar for announcements, but nothing really drove the market.
We get jobless claims data, and consumer spending data next week. Those are the next major data points that may influence the market one way or the other.
* National average rates accurate as of 7/17/24 from and are not advertised rates from Guaranteed Rate.
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