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Mortgage Demand Jumps to 11-Year High

Mortgage News > Mortgage Demand Jumps to 11-Year High
Date: 06/17/2020    Mortgage Demand Jumps to 11-Year High

Record low interest rates and pent-up demand pushed mortgage application volume to an 11-year high this week, according to the Mortgage Bankers Association. Total applications increased 8% from the previous week. The jump was led by a 10% rise in refinance loan requests. Refinance applications were also up 106% compared with a year ago. Home purchase applications increased by 4% this week and were up 21% from the year before. Meanwhile, 30-year fixed-rate mortgage rates fell to a new all-time low of 3.30% from 3.38% a week earlier.

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