The refinance index rose by 7% week-over-week and is 40% higher compared to the same week last year. Refinance activity constituted 40.1% of total applications, driven by significant drops in mortgage rates. The 30-year fixed mortgage rate fell to 6.79%, spurring a 10% rise in conventional refinances and a 22% increase in VA refinances. The average loan size for refinancing climbed to $313,700. Home purchase activity has remained stable, still exceeding the previous year’s levels, although low uncertainty keeps buyers cautious.
The refinance index increased by 7% from the previous week, standing 40% higher than the same week one year ago, with a refinance share of 40.1%.
Mortgage rates decreased across all loan types, with the 30-year fixed rate hitting a low of 6.79%, leading to increased refinance applications.
Borrowers with larger loans are more sensitive to rate changes, resulting in an increased average loan size for refinance applications to $313,700.
Though purchase activity remained flat, it is 16% higher than last year's pace, with a seasonally adjusted purchase index increasing by 0.1%.
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