The article discusses recent trends in mortgage refinancing and purchasing applications, reporting a 7% decrease in the refinance index from the previous week yet remaining 37% higher year-over-year. The share of refinance applications decreased to 34.6% while purchase applications saw a 3% increase, driven by higher housing inventory. The 30-year fixed mortgage rate has reached 6.98%, marking three consecutive weekly increases. These rising rates have led to a decline in refinance applications, with conventional and VA refinancing down 6% and 16%, respectively.
The refinance index decreased 7% from the previous week, but remained 37% higher than the same week one year ago. The refinance share of mortgage activity decreased to 34.6% of total applications from 36.6% the previous week.
As a result of these higher rates, applications activity decreased, driven by a 7% decline in refinance applications. Conventional refinances were down 6%, and VA refinances dropped 16%.
Purchase applications were up over the week and continue to run ahead of last year's pace as increased housing inventory has been supporting some transaction volume, despite the economic uncertainty.
The 30-year fixed rate increased to 6.98%, its third consecutive weekly increase, said Joel Kan, MBA's vice president and deputy chief economist.
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