Mortgage demand grew 6.3% last week after mortgage rates dropped for the first time in two months, CNBC reports.
Mortgage applications to buy a home increased 12% from the previous week and were 52% higher than the same week last year. Last Thanksgiving, mortgage rates were higher, but were falling.
“With the growth in for-sale inventory and signs that the economy remains strong, buyers have remained in the market even though rates have increased recently. The increase in conventional purchase applications helped push the average purchase loan size to $439,200, its highest level in almost a month,” said Joel Kan, an MBA economist, in a release.
