Mortgage application activity fell by 11% last week, driven by a 20% drop in refinance applications, even as they remained higher than last year. The refinance share also decreased to 37.3%, the lowest since January, mainly due to rising 30-year mortgage rates now averaging 6.90%. Economic uncertainty and rate volatility continue to affect both refinance and purchase applications, with overall activity declining despite being up 6% from the previous year. Additionally, FHA applications saw a small increase while VA and USDA shares dropped.
The refinance index decreased 20% from the previous week, marking a 43% increase from the same week last year, indicating ongoing market fluctuations.
The average contract interest rate for 30-year fixed-rate mortgages rose to 6.90%, another factor contributing to declines in both refinance and purchase applications.
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