The latest data shows a 4% decline in the mortgage index week-over-week, while refinance applications are 45% higher than a year ago. The 30-year fixed mortgage rate fell to 6.88%, its lowest since mid-December, stimulating some activity in the refinance market. Despite an unadjusted 5% drop in the purchase index week-over-week, the overall market dynamics reveal increases in FHA refinances and purchase applications compared to the previous year. Additionally, higher inventory levels are expected to provide better options for buyers as spring approaches.
The 30-year fixed rate decreased to 6.88%, marking the lowest rate since mid-December, providing a potential boost for prospective homebuyers.
Overall refinance applications were weak, but FHA refinances jumped 8% over the week as buyers find better options with increased inventory.
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