Real Estate Rebound: Demand for New Mortgages Jumps 28% in One Week

Source: Yahoo Finance — 

The U.S. housing market’s topsy-turvy ride shows no sign of letup in the new year, as mortgage applications rose sharply last week despite fears that home sales will keep sinking in 2023.

Mortgage applications for the week ending Jan. 13, 2023, rose a whopping 27.9% from the prior week, according to data released Wednesday by the Mortgage Bankers Association (MBA). The uptick was due to a combination of falling mortgage rates and the normal post-holiday rise in applications.

The average contract interest rate for a 30-year fixed-rate mortgage backed by the FHA fell to 6.26% during the week ended Jan. 13, the MBA reported. That compares to 6.39% a week earlier.