"Mortgage rate movements were mixed last week, with the 30-year fixed rate decreasing slightly to 6.42%. Mortgage applications were lower than the week before, as conventional and VA applications saw declines, said Joel Kan, MBA's vice president and deputy chief economist. FHA applications saw a stronger week, and FHA refinance applications in particular increased 12% as the FHA rate stayed more than 10 basis points lower than the conventional fixed rate."
"The refinance share of mortgage activity increased to 53.6% of total applications from 53.3% the previous week. The refinance index, however, decreased 1% from the previous week and was 59% higher than the same week one year ago. The seasonally adjusted purchase index decreased 3% from one week earlier. The unadjusted purchase index decreased 2% compared with the previous week and was 20% higher than the same week one year ago."
Mortgage rate movements were mixed, with the 30-year fixed rate slipping slightly to 6.42%. Overall mortgage applications declined, driven by drops in conventional and VA applications, while FHA applications strengthened and FHA refinance activity rose 12% as FHA rates remained more than 10 basis points below conventional fixed rates. Purchase applications fell for a third consecutive week but stayed 20% above last year amid improving inventory in certain markets. Refinances accounted for 53.6% of activity; the refinance index fell 1% week-over-week but was 59% higher year-over-year. ARM share, program shares, and average rates showed modest product-level shifts.
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