Mortgage applications increased by 5.4%, driven by a substantial 27% rise in refinance activity, signaling a positive trend for lenders as demand remains steady.
Despite a 4% decline in purchase applications from the previous week, they were still 4% higher compared to the same week in 2023, indicating enduring housing interest.
The MBA reported that refinance demand surged, with refinances making up 46.8% of applications, suggesting borrowers are taking advantage of recent lower interest rates.
Joel Kan stated that lower rates have revived mortgage applications, especially in refinance, while the housing market shows strength despite slight fluctuations in purchase activity.
#mortgage-applications #refinance-activity #housing-market #interest-rates #mortgage-bankers-association
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