Homebuyers get some much needed good news

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Mortgage and home refinancing applications begin to climb.

Transcript:

CAROLINE WOODS: Some welcome news for the housing market! A brief drop in mortgage rates caused buyers to come off the sidelines. Total mortgage application volume jumped 9.4% last week compared with the previous week, according to the Mortgage Bankers Association, which included an adjustment for the fourth of July holiday.

The average 30-year fixed rate slipped to 6.77%—the lowest in three months. And homeowners reacted — refinance applications jumped 9%, and are now 56% higher than this time last year.
But it wasn’t just refinancers—purchase applications were also up 9% on the week and 25% higher than a year ago.

Experts point to more homes hitting the market and moderating price growth. The average loan size for a new purchase? Just over $432,000 — the lowest since January.

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#mortgage #realestate #interestrates
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