Mortgage demand has significantly declined due to a 60 basis point rise in mortgage rates, particularly impacting refinance applications and driving overall application volume lower.
The refinance index plummeted 6% week-over-week and 43% month-over-month, highlighting significant adverse effects from the rising mortgage rates compared to the previous year.
Despite a dip in near-term purchase application activity, there’s optimism for future housing demand from younger buyers as inventory gradually improves.
The adjustable-rate mortgage share rose to 6.4% of total applications, illustrating a shift in borrower preferences amidst increasing fixed-rate mortgages.
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