Mortgage applications up 1.8% as refinance jumps 5%

"The 30-year fixed rate decreased to 6.42%, its lowest level in a month, which helped to support an increase in conventional refinance applications."

"Purchase activity remained subdued as potential homebuyers remained hesitant given the current economic uncertainty, keeping purchase applications below last year's level for the second consecutive week."

"The refinance share of mortgage activity increased to 45.5% of total applications from 44.3% the previous week, indicating a shift in borrower behavior."

"The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.42% from 6.51%, reflecting a broader trend in mortgage rates."

Mortgage rates fell to 6.42%, the lowest in a month, leading to a rise in refinance applications after five weeks of decline. Purchase activity remained low as potential buyers hesitated amid economic uncertainty, keeping applications below last year's levels. The refinance share of mortgage activity rose to 45.5%, while the adjustable-rate mortgage share decreased to 8.4%. FHA and VA applications also saw declines, with the average contract interest rates for various mortgage types decreasing, except for 5/1 ARMs, which increased slightly.

Read at www.housingwire.com