Lending markets should experience some relief from high financing costs if the Fed continues to cut interest rates over the next few months — but still, some could face difficulty in securing refinancing. Recent cuts are already spurring optimism in the residential market, with mortgage applications increasing 2.8% during the last week of November, according to data from the Mortgage Bankers Association.
Mortgage rates fell to their lowest level in over a month with the 30-year fixed rate decreasing to 6.69%, MBA said.
“The recent strength in purchase activity continues, supported by lower rates and higher inventory levels, which are giving prospective buyers more options compared to earlier in the year,” said Joel Kan, VP and deputy chief economist at MBA.
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