Homebuyer demand for mortgages surged 12% following a drop in interest rates, with total mortgage applications rising 6.3% week-over-week. The average rate for 30-year fixed mortgages fell to 6.86%, while purchase applications were up 52% compared to last year, reflecting pent-up demand amid improved housing supply. Refinance applications dipped 3% but remained significantly higher than a year ago, influenced by a decrease in FHA and VA refinances.
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