Refinance applications increased by 16% week over week and 59% year over year, while purchase loan activity rose by 1% week over week but was 11% lower than a year ago. Overall mortgage applications climbed 6.9% week over week and 10.6% year over year.
Mortgage rates dropped due to dovish communication from the Federal Reserve and a weak jobs report, reaching their highest level since January. Refinance applications surged, with VA loans seeing a significant increase.
Average 30-year conforming loan rates dropped to 6.55%, while jumbo loan rates fell to 6.77%. The decrease in rates led to a boost in refinance applications, particularly for VA loans, reaching a two-year high.
Despite the rate decrease, purchase loan activity had a small gain, indicating a possible cautious approach from potential homebuyers in light of economic uncertainties.
#mortgage-refinance #purchase-loan-activity #mortgage-rates #federal-reserve-communication #economic-uncertainties
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