Mortgage rates saw their biggest one-week drop in over a year last week, causing the first increase in mortgage demand in a month.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased last week to 7.61% from 7.86%
Total mortgage application volume rose 2.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Last week's decrease in rates was driven by the U.S. Treasury's issuance update, the Fed striking a dovish tone in the November FOMC statement, and data indicating a slower job market," said Joel Kan, MBA's vice president and deputy chief economist.
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