Quote: Mar. 15, 2023

“While lower rates should buoy housing demand, the financial market volatility may cause buyers to pause their decisions. Refinance activity remained more than 70 percent behind last year’s level, as rates are still more than two percentage points higher than a year ago. The dip in rates did bring some borrowers back as evidenced by the 5 percent increase in refinance applications last week.”
–Joel Kan, MBA Vice President and Deputy Chief Economist.