Mortgage demand increased by 2.6% as interest rates fell following news of a slowing job market, with the average 30-year conventional rate dropping to 7.18%.
First-time homebuyers heavily rely on government lending programs such as FHA loans. A 5% gain in FHA applications contributed to the overall 2% increase in purchase loan application volume.
Refinance volume rose by 5%, with VA refinances jumping by 29%. Even with the increase, refinance volume is still about 6% below last year's levels.
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