Real estate
fromwww.housingwire.com
6 days agoMortgage applications dip 0.3% as FHA and ARM shares rise
Mortgage applications were largely flat as 30-year fixed rates held at 6.21%, FHA and ARM shares rose while conventional applications fell.
The refinance share of mortgage activity decreased slightly to 55.4% of total applications, down from 55.6% the previous week. Mortgage rates increased for the third consecutive week, with the 30-year fixed rate inching higher to its highest level in four weeks at 6.37%, said Joel Kan, MBA's vice president and deputy chief economist. Application activity over the week was lower, with potential homebuyers moving to the sidelines again, although there was a small increase in FHA purchase applications.