The refinance index rose 16% week-over-week and was up 28% from the previous year, with the total mortgage application share for refinancing at 36.7%. Following Memorial Day, mortgage applications peaked, characterized by a 10% rise in the seasonally adjusted purchase index. While 30-year fixed mortgage rates remained stable, interest rates for shorter durations declined. Increasing applications, particularly for adjustable-rate mortgages and USDA loans, highlighted a strong recovery in borrower activity despite persistent economic concerns.
The refinance index increased 16% from the previous week and was 28% higher than the same week one year ago, indicating increased activity among borrowers.
Mortgage applications increased to the highest level in over a month, driven by growth in both purchase and refinance applications post-Memorial Day holiday.
Despite ongoing economic uncertainty, homebuyers seem to be taking advantage of loosening housing inventory, with purchase applications 20% ahead of last year's pace.
Joel Kan noted that Treasury rates had some movement during the week, resulting in additional opportunities for borrowers, particularly affecting both fixed and adjustable rates.
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