"Mortgage rates surged by 20 basis points, leading to a 12% drop in refinance activity and a 5% decline in purchase volume, indicating economic uncertainty."
"Despite a decrease in mortgage applications, the purchase volume is still almost 13% above last year's figures, but rising rates are causing buyer hesitation."
"The average contract interest rate for 30-year fixed mortgages now stands at 6.81%, showcasing a significant increase and affecting borrowers' choices."
"With the ARM share increasing by a full percentage point, borrowers are shifting to adjustable-rate mortgages for lower initial rates amid rising overall mortgage rates."
Last week saw a 20 basis point increase in mortgage rates, leading to a slowdown in application activities. Refinance volumes dropped by 12%, while purchase volumes decreased by 5%. Despite these declines, purchase volumes remain nearly 13% higher than the same period last year. The shift in borrower preference towards adjustable-rate mortgages (ARMs) reflects an attempt to secure lower initial rates amid economic volatility. The average rate for popular mortgage products like 30-year fixed mortgages climbed to 6.81% and influenced overall activity in the housing market.
Read at www.housingwire.com
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