Despite a 6% week-over-week drop in the refinance index, it remains significantly higher than the same period last year. Mortgage refinance activity has generally declined, attributed to lower rates pulling back much of the refinancing interest. Conversely, the purchase index demonstrates growth, reaching its highest levels since January, buoyed by increasing conventional purchases. Economic volatility continues to influence treasury yields and mortgage rates, with the 30-year fixed-rate mortgage averaging 6.70%. While refinance activity slows, purchase applications show sustained year-over-year growth amid a rising inventory of homes.
The refinance index decreased 6% from the previous week but remains 57% higher than a year ago, despite ongoing economic uncertainty affecting mortgage activity.
Mortgage rates showed volatility yet finished lower last week, with the 30-year fixed-rate mortgages holding steady at 6.70%, impacting borrower behavior.
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