"Refinance applications increased for the fourth straight week to the strongest pace since 2022, with conventional refinances up 20%. The increase in the average loan size for refinances indicates that more borrowers with larger loan sizes are seeking to lower their monthly payments."
"Purchase applications also moved higher, with the week's pace almost 10% ahead of last year's pace, as lower rates and growing levels of housing inventory continue to support homebuyer interest."
"The average contract interest rate for 30-year fixed-rate mortgages was unchanged from last week at 6.09%. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA was also unchanged from last week at 5.97%."
Mortgage applications increased significantly last week as refinance activity strengthened for the fourth consecutive week, reaching its strongest pace since 2022. Conventional refinances rose 20%, with larger loan sizes indicating borrowers are refinancing to reduce monthly payments. Purchase applications also grew, running nearly 10% ahead of last year's pace, supported by lower mortgage rates and increased housing inventory. The 30-year fixed-rate mortgage averaged 6.09%, unchanged from the prior week, while 15-year fixed rates increased slightly to 5.49%. ARM activity represented 8.8% of applications. FHA and VA loan shares decreased, while USDA remained stable at 0.4%. Overall mortgage intent activity increased 9.17% week-over-week, reaching the year's highest volume.
Read at www.housingwire.com
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