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Lowest mortgage rates in months create surge in applications

Housing Wire

The move in government refinances was driven by a 75% increase in VA loans, which have been prone to large changes in recent months, he shared. ” The refinance share of mortgage activity increased to 43.8% the previous week, while the adjustable-rate mortgage (ARM) share of activity increased to 5.8%

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Mortgage applications rebounded 20% last week as rates dipped

Housing Wire

All average contract interest rates saw decreases across the board. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances decreased to 6.65% from 6.76%, while the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.33% from 6.37%.

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Purchase applications continue growth streak this spring

Housing Wire

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances saw a modest decrease to 6.70% from 6.71%. For 30-year fixed-rate mortgages with jumbo loan balances, rates decreased to 6.76% from 6.77%. the week prior.

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Slightly lower mortgage rates fuels strong refi activity

Housing Wire

The average loan size for a purchase application increased to its highest level since March 2022 at $456,100, partially driven by fewer FHA purchase applications but more VA loans compared to the previous week. Data from this week’s measures saw the adjustable-rate mortgage (ARM) share of activity increase to 6.0%

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Mortgage applications drop after weeks of growth

Housing Wire

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances increased to 6.78% from last week’s 6.68%. Interest rates for 5/1 ARMs increased to 5.84% from 5.81%.

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Purchase applications see slight uptick due to FHA demand

Housing Wire

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances decreased to 6.77% from 6.78%. Both the average contract interest rates for 30-year fixed-rate mortgages backed by the FHA and 15-year fixed-rate mortgages remained unchanged at 6.40% and 6.08%, respectively.

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Refinance applications take a dip following several strong weeks

Housing Wire

While 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) saw interest rates decrease to 6.93% from 6.95%, interest rates for 30-year fixed-rate mortgages with jumbo loan balances increased to 7.03% from 6.96%. the week prior.