Mortgage demand jumps nearly 28% in one week, as interest rates drop to lowest point in months
Mortgage rates are at the lowest level since September, and that is bringing new demand into the mortgage market
The average contract interest rate for 30-year fixed-rate mortgages decreased last week to 6.23% from 6.42%
Applications for a mortgage to purchase a home increased 25% week to week, but were 35% lower than the same week one year ago
Refinance demand made the biggest move, up 34% from the previous week, but it was still 81% lower than the same week one year ago