"The 30-year mortgage rate, now at 6.57%, reached its highest level since last August and is up half a percentage point from just one month ago."
"Refinance application volumes declined sharply again last week, dropping 17%, and are down more than 40% compared to last month."
"The refinance share of mortgage activity decreased to 45.3% of total applications, down from 49.6% the previous week."
"The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased 6 basis points to 6.57%."
The 30-year mortgage rate increased to 6.57%, the highest since last August, with refinance applications dropping 17% and over 40% compared to last month. Purchase application volume declined by 3%, but a buyer's market exists with more homes available. FHA and VA loan applications performed better than conventional ones. The refinance share of mortgage activity decreased to 45.3%. The average contract interest rate for 30-year fixed-rate mortgages rose by 6 basis points, while rates for 5/1 ARMs decreased. Economic uncertainty is affecting buyer confidence.
Read at www.housingwire.com
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