"The MBA's refinance index decreased 19% from the previous week while remaining 69% higher than the same week one year ago. The refinance share of mortgage activity decreased to 52.3% of total applications, down from 57.8% the previous week."
"Purchase applications remained steady despite the higher rates, with conventional purchase applications unchanged and growth in both FHA and VA segments. Overall purchase applications remained ahead of last year's pace, continued to be supported by higher inventory and slowing home-price growth in many markets."
"The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased from 6.19% to 6.30% during the week. Rates for mortgages with jumbo loan balances increased 13 basis points to 6.39%."
Mortgage refinance applications decreased 19% from the previous week, though remaining 69% higher than the same period last year. Government refinances declined 5% as FHA rates increased more slowly. Purchase applications remained stable with conventional applications unchanged and growth in FHA and VA segments, supported by higher inventory and slowing home-price growth. The refinance share of total mortgage activity dropped to 52.3% from 57.8%. Interest rates increased across all mortgage types: 30-year conforming rates rose to 6.30%, jumbo rates to 6.39%, FHA rates to 6.08%, and 5/1 ARM rates jumped to 5.65%. FHA applications increased to 19.4% of total activity while VA applications rose to 16.7%.
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