Good news for people looking to get a mortgage: After going down for five weeks straight, the number of mortgage applications went up a bit last week. Which can mean good news for the housing market at large!
One thing that's interesting is that as part of the surge, more people also applied to refinance their mortgages. This number went up by 3 percent compared to the previous week. But even though this is good news, the number of people doing this is still lower by 28 percent when compared to August of the previous year (2022).
Something else to note is that the part of mortgage activity that involves refinancing increased to 30.1 percent of all applications. This is up from 29.5 percent the week before. It's the highest number of people doing this since around February.
Remember, the mortgage market changes based on how the economy is doing, how interest rates move, and other money-related things. This increase in applications is a positive sign, especially in Texas, but experts and people who want to buy homes will still keep a close eye on what happens next.