Mortgage application volume rose just 1.6% last week, a shift towards refinancing amid five weeks of declining interest rates. The average 30-year fixed mortgage rate dropped slightly to 6.43%.
Refinance applications were slightly down but continued to show strong annual gains as borrowers with higher rates have been refinancing to lower their monthly payments, reflecting a significant trend.
Applications for a mortgage to purchase a home rose 3%, but remained 4% lower than the same week a year ago, signaling continued sluggishness in home sales.
The refinance share of applications averaged almost 46 percent in August, indicating a strong preference for refinancing among borrowers due to consistently high home prices and previous rate spikes.
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