Inflation remains high, convincing markets that rates, including mortgages, will stay elevated. The 30-year fixed mortgage rate hit 7.29%, the highest since November 2023, impacting homebuyers.
ARM applications rise to 7.8% as buyers seek affordability solutions. ARM rates around 6% for 5-year fixed period loans attract buyers amidst high mortgage rates.
Purchase loan applications decrease by 2%, while refinances drop by 3%. The refinance share falls to 30.2% of total applications, illustrating the impact of rising rates.
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