Home loan applications slightly increased to 0.8% for the week ending July 18 following a drop of 10% the previous week. The average interest rate for a 30-year fixed mortgage reached 6.72%. The Market Composite Index rose 0.8% adjusted seasonally and 1% unadjusted week-over-week. Refinance applications decreased to 39.6% of total applications, while the seasonally adjusted purchase index increased by 3%. Joel Kan noted an uptick in purchase applications driven by conventional loans despite rising mortgage rates.
Home loan applications increased by 0.8% for the week ending July 18 after a 10% decrease the prior week. The average mortgage interest rate is 6.72%.
The Mortgage Bankers Association reported that the Market Composite Index rose by 0.8% seasonally adjusted and unadjusted purchase index increased by 4% compared to the previous week.
Refinance applications decreased to 39.6% of total applications. The FHA applications fell to 18.7%, while USDA loan applications increased slightly to 0.6%.
Joel Kan stated, 'The 30-year fixed mortgage rate edged higher last week to its highest level in four weeks, at 6.84%, while rates for other loan types were mixed.'
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