According to an article titled "Lowest Mortgage Rates Since Election Pushes Refinances up 7%," by Diana Olick from CNBC, the total applications are rising quickly. Although weaker than last year, we are seeing a great growth week over week. Many say the rate drop was due to the uncertainty of the French Presidential election, but we are not certain. Many are just happy that the rates went down slightly.
Although there was a drop, we didn't see much change on the buyer side. Home buyers are more frustrated with the lack of inventory more so than the interest rates. The home purchase loans dropped 1% the week of the April 26th. Even with such high demand for homes and the lack of creation from home builders, the supply for homes continues to drop.
Now with tax-reform looming, we'll have to wait and see what is in store next.