"The seasonally adjusted purchase index increased 7.8% from one week earlier. The unadjusted purchase index increased 9.3% compared with the previous week and was 11% higher than the same week one year ago. Financial markets were volatile last week amid the ongoing turmoil in the Middle East. Mortgage rates increased on net over the week, while refinance volume was roughly flat."
"Borrowers in recent weeks were able to get 30-year conforming rates below 6%, but with the current volatility, longer-term rates have moved up, pushing up the 30-year fixed rate to 6.19%, said Mike Fratantoni, MBA's SVP and chief economist. Purchase activity increased last week, particularly for FHA loans, which moved up more than 11%."
"The pace of homebuying continues to track ahead of last year's pace, with overall purchase volume up 10%. More inventory on the market is supporting more transactions. The adjustable-rate mortgage (ARM) share of activity increased to 8.9% of total applications. The Federal Housing Administration (FHA) share of total applications increased to 17.1% from 15.8% the week prior."
Mortgage purchase activity surged 7.8% on a seasonally adjusted basis and 9.3% unadjusted, with year-over-year growth of 11%. Financial market volatility from Middle East tensions drove mortgage rates higher, pushing 30-year conforming rates to 6.19% from 6.09%. FHA loans led growth with an 11% increase, while overall purchase volume remained 10% ahead of the prior year. Increased market inventory supported transaction growth. ARM share rose to 8.9%, and FHA applications increased to 17.1%. Rates across loan types increased, except 5/1 ARMs which decreased slightly to 5.26%. The Xactus Mortgage Intent Index reached 159.1, reflecting spring homebuying season momentum.
Read at www.housingwire.com
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