“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Freddie Mac chief economist Sam Khater. “While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023. This should bode well for the trajectory of mortgage rates over the long-term.”
Demand for home loans surged following the Fed’s latest meeting this month. Mortgage applications jumped 6.3% on a seasonally adjusted basis, the Mortgage Bankers Association reported last week. Purchase applications climbed 5%, and refinance activity grew 10% week over week.
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