Mortgage Demand Surged After Fed Signaled Potential Pause in Rate Hikes

CNBC, May 10, 2023–Diana Olick
Mortgage rates fell slightly last week after the chairman of the Federal Reserve suggested a potential end to a historic string of interest rate hikes. The drop wasn’t substantial, but it was enough to boost demand from current homeowners hoping to refinance their mortgages to lower rates, the Mortgage Bankers Association said.