The latest data from the Mortgage Bankers Association shows a 2.0% decline in the Market Composite Index for mortgage applications week-over-week, with a notable 9% decrease unadjusted due to seasonal factors including the Martin Luther King holiday. Refinancing dropped 7%, still remaining 5% higher year-on-year. Purchase activity is slightly weaker month-over-month yet FHA loans saw a rise of 2%. Mixed mortgage rates have left homeowners apprehensive, but stability may lead to a gradual increase in purchase activity in the coming months.
The Market Composite Index for mortgage loan applications decreased by 2.0% from the prior week, highlighting ongoing fluctuations in the mortgage market.
Despite a decline in overall application activity, FHA purchase loans saw a small increase, indicating a shift in buyer preferences towards government-backed financing options.
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