The mortgage application index surged 19% on an unadjusted basis compared to the previous week, fueled by a 12% increase in refinance applications. Mortgage rates have declined, reaching 6.97%, the lowest in six weeks, which likely influenced the boost in applications. However, the purchase index saw a mild decrease of 4% seasonally adjusted, with average loan sizes rising. The refinance share of activity grew to 39%, while FHA applications slightly decreased. Overall, the market reflects a complex response to economic signals following the FOMC meeting and fluctuating Treasury yields.
The index measuring applications increased 19% from the previous week, while refinancing saw a notable 12% rise, indicating responsiveness to declining mortgage rates.
Mortgage rates fell, with the 30-year fixed rate declining to 6.97%, its lowest in six weeks, spurring a 12% increase in refinance applications.
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