The Market Composite Index recorded a significant decrease of 6.2% in mortgage loan application volume from the previous week, reflecting shifting market conditions. While the refinance index dropped 13%, it remained notably higher than last year. Conversely, the purchase index showed slight growth, with a reported 6% increase from last year, attributed to steady mortgage rates and increased home inventories. The 30-year fixed mortgage rate rose to 6.72%, marking the first increase in nine weeks, impacting refinance activity while contributing to an uptick in purchase applications, particularly FHA loans.
The Market Composite Index, reflecting mortgage loan application volume, saw a significant decrease of 6.2% on a seasonally adjusted basis from the previous week.
With a 13% drop in refinance requests, this trend has been juxtaposed by a notable rise of 70% in comparison to last year's figures, illustrating market volatility.
Mortgage rates have risen for the first time in nine weeks, reaching 6.72%. This upward movement has contributed to a decreased refinance volume.
As home inventories increase and mortgage rates stabilize, there's been a notable 6% year-on-year rise in purchase application volume, signaling a resilient buyer interest.
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