Mortgage applications dip as refinance activity grows
Falling mortgage rates boosted refinance activity and ARM applications while purchase applications fell week-over-week but remained 20% above last year.
Housing demand has reached multiyear highs as mortgage rates near 6%, purchase applications rise, and inventory growth slows sharply toward single digits.
Despite economic uncertainty, weekly housing demand up double digits over 2024
Weekly pending home sales rose 15.36% year-over-year and purchase applications increased 31%, supported by mortgage rates staying under 6.64% for 15 weeks.
