"The 30-year fixed rate was unchanged at 6.21%, and conventional applications declined for both purchases and refinances as borrowers held out for another drop in rates or shifted to other loan types, said Joel Kan, MBA's vice president and deputy chief economist. FHA purchase and refinance applications increased, helped partially by the FHA rate declining and remaining 20 basis points lower than the conforming 30-year fixed rate. Borrowers are increasingly utilizing FHA loans as affordability challenges remain, despite recent improvements."
"Similarly, the ARM share increased to a seven-week high with ARM rates almost a percentage point lower than fixed rates, Kan added. All products saw increases in activity from the week prior, aside from the U.S. Department of Agriculture (USDA) share of total applications, which remained unchanged at 0.4%."
Mortgage applications were relatively flat over the week with mixed results across loan types. The average 30-year fixed rate remained unchanged at 6.21%, while conventional purchase and refinance applications declined as borrowers awaited lower rates or shifted to other loan types. FHA purchase and refinance applications rose after the FHA rate fell and remained about 20 basis points below the conforming 30-year fixed rate. The ARM share climbed to a seven-week high as ARM rates traded roughly a percentage point below fixed rates. FHA share moved to 18.4%, VA share to 16%, ARM to 8%, and USDA stayed at 0.4%. Jumbo 30-year fixed fell 2 bps to 6.30%, FHA-backed 30-year fixed declined 3 bps to 6.01%, 5/1 ARM rates dropped 4 bps to 5.33%, and 15-year fixed rose 4 bps to 5.65%. Credit-pull data showed a rebound in application activity after Winter Storm Fern disrupted the market.
Read at www.housingwire.com
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