Mortgage applications hit 19-month high
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The number of Americans applying for a mortgage hit its highest level since January 2023 last week, while the number of refinance applications surged to a level not seen since May 2022.
Why it matters: The number of Americans taking out new mortgages is still extremely low — but at least it's growing.
The big picture: Lower long-term interest rates means lower mortgage rates, and an opportunity for folks who took out expensive mortgages to see a little bit of relief on their monthly payments.
By the numbers: The average new 30-year fixed-rate mortgage is now 6.5%, which is still higher than the overwhelming majority of outstanding mortgages.
- That's depressing both purchases of homes and refinance activity.
The bottom line: Even at its 19-month high of 251, the composite index of mortgage applications remains lower than at any point between January 2000 and September 2022.
