"Mortgage rates crept higher last week, with the 30-year fixed rate up to 6.4%, its highest level since early October, said Joel Kan, MBA's vice president and deputy chief economist. Despite these slightly higher rates, purchase applications increased over the week and remained at a stronger pace than a year ago, with increases across conventional and government purchase applications. The government purchase index, which includes FHA, VA and USDA applications, increased 9% and had the strongest week since 2023."
"Despite slowing home-price growth and lower mortgage rates, affordability remains a challenge in many markets and government loan programs remain appealing to qualified buyers looking to purchase a home, Kan added. The average purchase loan size decreased to its lowest level in two months. Rates have increased by around 10 basis points over the past four weeks and given that many borrowers have been looking to capitalize on rate drops, refinance applications last week declined almost 6% to the slowest weekly pace since September."
Mortgage rates crept higher last week, with the 30-year fixed rate rising to 6.4%, its highest level since early October. Purchase applications increased over the week and remained stronger than a year ago, driven by gains in both conventional and government purchase applications. The government purchase index, which includes FHA, VA and USDA loans, rose 9% for its strongest week since 2023. The average purchase loan size fell to its lowest level in two months. Rates have climbed roughly 10 basis points over four weeks, and refinance applications declined almost 6% to the slowest weekly pace since September, though they remain substantially higher than a year earlier.
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