The purchase index increased by 9% week over week, while unadjusted data fell 13% compared to the previous week but showed a 25% increase year-over-year. Factors include a rise in housing inventory and moderating home prices. Mortgage rates decreased slightly, with the average rate for 30-year fixed mortgages at 6.77%, its lowest in three months. Additionally, average loan sizes for purchase applications decreased, and refinance applications significantly rose, especially VA refinances, reflecting a shift in market conditions and consumer behavior.
The seasonally adjusted purchase index increased 9% from one week earlier, with the unadjusted index down 13% versus last week and up 25% year-over-year.
Despite mortgage rates nearing 7%, housing data is still improving, linked to a rise in new listings and moderated home-price growth.
The average loan size for purchase applications has dropped to $432,600, the lowest since January 2025, reflecting changing buyer dynamics.
The refinance index observed gains, notably with VA refinances up 32% amid decreasing mortgage rates for various loan products.
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