Mortgage Demand Up for Second Week, Rates Steady

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How is mortgage demand faring in the wake of all of us? Yes, the mortgage demand climbed to its highest level in five weeks last week as interest rates moved down with traders betting that the Federal Reserve is done raising rates. Mortgage demand rose to 2.8% compared to the previous week. According the Mortgage Bankers Association, it was the second straight week of gains. The average rate on the 30 year fixed mortgage remain unchanged at 7.6% last week. And applications to refinance the mortgage rose 2% from the week before and were 7% higher than the same time last year.