The refinance index declined 7% from the previous week yet remained 25% higher than the same week last year. The refi share of mortgage applications increased to 41.1% of total applications. Conversely, the seasonally adjusted purchase index dropped by 12%, though unadjusted purchase applications rose 11% compared to the prior week. Treasury yields increased, contributing to a rise in mortgage rates. Higher rates resulted in decreased refinance applications, particularly in VA refinances, while overall applications remained sensitive to economic uncertainties.
The refinance index decreased 7% from the previous week but was 25% higher compared to the same week last year, while refinance share rose to 41.1%.
The seasonally adjusted purchase index fell 12% from a week earlier but unadjusted purchase index grew 11% week-over-week, indicating positive yearly trends.
Treasury yields rose despite intra-week declines, contributing to increased mortgage rates after two weeks of decreases, resulting in slower application activity according to MBA's Joel Kan.
Higher rates led to a drop in refinance applications, particularly due to a decline in VA refinances, while both purchase and refinance applications slowed significantly.
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