Housing demand has increased amid falling interest rates.
Average mortgage rates have risen slightly over the past week, but remain lower compared to last year. The number of applications to purchase homes has increased by more than 20%, thanks to moderate rate reductions and a growing supply of properties.
Ratio
The average interest rate for a 30-year fixed-rate mortgage reached 6.30% as of Thursday, up from 6.23% the previous week. A year ago, this rate stood at 6.76%.
The average rate for a 15-year fixed-rate mortgage rose to 5.64%, compared to 5.58% the week before. One year earlier, the 15-year mortgage rate was 5.92%.
The number of home purchase applications increased by more than 20% compared to the same period last year, a trend linked to the moderate decline in rates in recent weeks. Prospective buyers are responding both to lower interest rates and to a greater supply of homes on the market compared to previous years.