Last week, despite a slight increase in mortgage rates, there was a notable resurgence in homebuyer activity post-holidays. The Mortgage Bankers Association reported an 8% rise in home purchase applications compared to the previous week, although demand was still 18% lower than the same period last year. The average rate for 30-year fixed-rate mortgages with conforming loan balances rose marginally from 6.75% to 6.78%. Joel Kan, an MBA economist, highlighted a continued upward trend in purchase activity, primarily driven by conventional and FHA applications. In contrast, refinancing applications dropped by 7% from the previous week and were 8% lower than the previous year, largely due to the current rates being significantly higher than in the past two years. As of the start of this week, the average rate for a 30-year fixed mortgage had further increased to 6.92%, with no specific cause for the rise. Kyle Seagraves Joins the Stream From Win The House You Love To answer your mortgage questions.

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LIVE STREAMS ARE OPINIONS EXPRESSED BY LICENSED REAL ESTATE AGENTS IN DIFFERENT REAL ESTATE MARKETS. DO NOT BASE YOUR HOME PURCHASE OR SALE ON THE OPINIONS EXPRESSED IN THIS STREAM. ALWAYS CONSULT YOUR LOCAL REALTOR FOR YOUR MARKET CONDITIONS.