Mortgage applications increased 2.8% for the week ending Aug. 6, and there are signs that at least some first-time homebuyers are finding opportunities despite high home prices.
Ten-year Treasury yields rose slightly at the end of last week after the July jobs report exceeded expectations. That was enough to drive mortgage rates up slightly to 2.99%, according to the latest report from the Mortgage Bankers Association. Rates have struggled to surpass 3% for most of this year.
“Mortgage applications rebounded last week, including an increase in purchase applications for the first time in nearly a month,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Rates slightly rose but remained below 3%, driven by an end-of-week increase in the 10-year Treasury yield following the positive July jobs report.”
Last Friday, the U.S. Labor Department announced 943,000 new jobs were added in July, exceeding the forecast of 865,000. It was the highest month-to-month growth since August of 2020.
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