Mortgage applications inch up for the first time in five weeks

Source: CNBC — 

Mortgage applications inched up last week for the first time since June 24. Total mortgage demand increased 1.2% as the average 30-year fixed mortgage rate made the largest weekly drop since 2020.

Applications to refinance a home rose 2%, according to the Mortgage Bankers Association, but the annual drop was still huge, down 82% since last year.

Applications to purchase a home increased 1% and were down 16% from one year ago.

The slight increases came as mortgage rates dropped 0.31 percentage point from 5.74% to 5.43% following the Federal Reserve announcement of its latest rate hike and the GDP report, which showed the U.S. economy contracted for the second straight quarter.