A brief drop in mortgage rates caused a huge surge in demand, but it may be short-lived [CNBC]

Federal National Mortgage Association (FNMA)

NASDAQ:AMEX Investor Relations: fanniemae.com/portal/about-fm/investor-relations/index.html

But rates jumped back up again after a stronger-than-expected monthly employment report Friday. For the week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 7.02% from 7.07%, with points unchanged at 0.65 (including the origination fee) for loans with a 20% down payment. For the bulk of the week, rates were lower than that, but Friday's news caused rates to jump 12 basis points, according to a separate survey from Mortgage News Daily. Applications to refinance a home loan, which are most sensitive to daily moves in interest rates, climbed 28% last week compared with the previous week and were also 28% higher than the same week one year ago. “Lower rates earlier in the week meant a strong increase in refinance activity, particularly for VA borrowers, who jumped on the chance to lower their rates,” said Mike Fratantoni, senior vice president and chief economist at the MBA. Applications for a mort Show less Read more

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6/22/24 - Wedbush
6/22/24 - Wedbush

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6/13/24 - Form 8-K
5/20/24 - Form 3
5/14/24 - Form 3
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A brief drop in mortgage rates caused a huge surge in demand, but it may be short-lived [CNBC]

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