Mortgage activity has surged recently, with a 9% increase in purchase indices and a notable decline in mortgage rates. Affected by faltering consumer sentiment and tariff uncertainties, the 30-year fixed rate fell to 6.73%, the lowest level since December 2024. Refinances have increased sharply, with government loans rising 42%, driven noticeably by VA loans. This uptick occurs during a typical spring buying season, as purchase applications also exceed last year's figures, showing encouraging signs for the housing market.
The seasonally adjusted purchase index increased 9% from last week, reflecting growing consumer interest, despite uncertain economic sentiment and tariff impacts on mortgage rates.
Mortgage rates have declined, attributed to worsened consumer sentiment and concerns over new tariffs. The 30-year fixed rate reached its lowest since December 2024.
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