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Market
Major driver for the rise in mortgage applications in 2024
5
Resolution / Starting Odds
Drop in mortgage rates • 33%
Improved economic outlook • 33%
Other factors • 34%
Mortgage Bankers Association reports and industry analysis
Story
U.S. Mortgage Applications Surge 15.6%, Highest Since Sept 2022
Jun 12, 2024, 12:16 PM
U.S. mortgage applications saw a significant increase in the week ending June 7, 2024, rising 15.6% according to the Mortgage Bankers Association. This surge, which marked the highest level since September 2022, was driven by a 5 basis points drop in mortgage rates. Applications for purchases increased by 8.6% while refinancing applications jumped by 28.4%. Despite this rise, the unadjusted data remained relatively unchanged compared to pre-COVID averages for the first week of June.
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