Mortgage applications surged 11%, reaching levels not seen since July 2022, driven chiefly by a significant increase in refinancing activities amidst declining mortgage rates.
Joel Kan, MBA's economist, highlighted the positive impact of declining mortgage rates on borrower demand, noting refinances increased by 20%, accounting for over half of all applications.
The MBA's data indicates that the average loan size for mortgages has soared to an unprecedented $413,100, attributed to rising home prices amid high demand.
The FHA's share of mortgage applications decreased to 15%, signaling shifts in borrower preferences, with significant growth in VA loans now making up 18.3% of total applications.
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