"The seasonally adjusted purchase index increased 10% from one week earlier, while the unadjusted purchase index increased 12% compared with the previous week and was 14% higher than the same week one year ago."
"Mortgage rates declined last week as financial markets responded positively to the Middle East ceasefire and the lower trend in oil prices, with the 30-year fixed rate decreasing to 6.35%."
"Despite the geopolitical uncertainty, housing demand is being supported by a still resilient job market, and homebuyers are experiencing a buyer's market in most of the country, given the higher levels of inventory relative to last year."
"The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.35% from 6.42%, and the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.10% from 6.14%."
The purchase index rose 10% week-over-week, with a 12% increase in the unadjusted index compared to the previous week. Mortgage rates fell, with the 30-year fixed rate at 6.35%. Refinance applications grew by 6%, while purchase applications surged by 10%, led by conventional loans. The housing market remains strong due to a resilient job market and higher inventory levels. The refinance share of mortgage activity decreased to 44.2%, and the VA share dropped to 15.0%. Average interest rates for various mortgage types also declined.
Read at www.housingwire.com
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