"Mortgage rates moved lower with the 30-year fixed rate decreasing to 6.17%, and all other loan types in the survey also declined. Refinance applications increased across all loan types, marking the strongest week for refinancing since mid-January. However, there was a drop in purchase applications overall, although VA purchase applications bucked the trend and increased 4%."
"The average contract rate for 30-year fixed-rate mortgages with conforming loan balances of $832,750 or less fell 4 bps to 6.17%. Rates for 30-year fixed mortgages with jumbo balances declined 9 bps to 6.21%. The average rate for 30-year FHA loans edged down 2 bps to 5.99% and the rate for 15-year fixed mortgages dropped from 5.65% to 5.50%. The average rate for 5/1 adjustable-rate mortgages slipped 4 bps to 5.29%."
"Data from Xactuss Mortgage Intent Index which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform found that activity rose 2.19% week over week and was up 4.8% compared to the same week last year. This marks the first positive year-over-year gain since January 23, signaling a rebound after two weeks of weather-related disruption. A welcome confirmation that pre-storm strength was not an outlier and an encouraging sign heading into the spring homebuying season, said Thomas Lloyd, chief strategy officer for Xactus."
Mortgage rates declined broadly, with the 30-year fixed rate falling to 6.17% and other loan types showing decreases. Refinance applications rose across all loan types, producing the strongest refinancing week since mid-January, and the refinance share of total activity increased to 57.4%. Purchase applications dropped overall, though VA purchase applications rose 4%. Adjustable-rate mortgage share increased to 8.2%. FHA share remained at 18.4%, VA share rose to 16.5%, and USDA share stayed at 0.4%. The Xactuss Mortgage Intent Index rose 2.19% week over week and 4.8% year over year, marking the first positive YoY gain since January 23.
Read at www.housingwire.com
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