Mortgage Rates Hit Two-Month Low, Boosting Homebuyer Demand.

Mortgage applications to purchase a home rose 8% last week as interest rates dropped to a two-month low, according to the Mortgage Bankers Association. However, applications were still 31% lower than the same week one year ago due to higher rates and limited supply. Refinancing applications were flat week to week and 57% lower than the same week a year ago. Mortgage rates have since moved higher and could be impacted by the government's monthly report on inflation.