Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
Mortgage demand saw an increase of 1.2% as the average 30-year fixed mortgage rate hit rock bottom since 2020
Posted on August 8, 2022 |
- Last week, for the first time since June 24, mortgage applications rose and total mortgage demand grew by 1.2% due to a significant drop in the average 30-year fixed mortgage rate since 2020.
- Applications to refinance a home grew by 2% but the annual dropped by 82% since last year, and applications to purchase a home grew by 1% but were down 16% from 2021.
- The small rise is due to mortgage rates dropping by 0.31% points to 5.43% which showed the contracted U.S. economy in the second quarter.
- The housing availability expectations rose in all regions except the Midwest, in the West, it grew by 13% points, in the Northeast, the share soared to 6% points, in the South, it was up 1% point, but in the Midwest, it fell by 1% point.