Mortgage applications faced a 0.7% decline in the week ending Dec. 13, following a five-week increase, attributed to rising mortgage rates and a 3% dip in refinance activity.
Joel Kan from the MBA noted, 'Despite the mortgage application decline this week, we are seeing an active purchase market driven by improved inventory conditions and positive economic outlook.'
The refinance share of mortgage activity decreased 10 basis points to 46.7% with VA refinances dropping 17% after previous gains, reflecting changing market conditions.
Conventional and VA purchase applications were the primary contributors to the week's increase in purchase activity, indicating robust buyer engagement despite shifts in refinance dynamics.
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