The mortgage market saw varied trends with a 1% overall index increase. The refinance index decreased 3% from last week but is still 22% above last year. The share of refinance applications dropped to 39.6%. In contrast, purchase applications increased by 3% seasonally adjusted and were 22% higher than last year. The 30-year fixed mortgage rate rose to 6.84%, impacting borrower's ability to refinance. The adjustable-rate mortgage share increased to 7.2%, and other loan types displayed mixed interest rate changes.
On an unadjusted basis, the index increased 1% compared with the previous week, with the refinance index decreasing 3% but remaining 22% higher than last year.
The 30-year fixed mortgage rate edged higher last week to 6.84%, reaching its highest level in four weeks, significantly impacting refinance applications.
Purchase applications finished the week higher, driven by conventional purchase loans, and continue to run ahead of last year's pace.
The average contract interest rate for 30-year fixed-rate mortgages rose to 6.84%, while interest rates for other loan types showed mixed results.
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