The mortgage market saw a 5% decrease in indices compared to the previous week, with refinance indices also dropping 5%, although they are up 27% year-on-year. Mortgage rates soared to their highest since February, impacting activity negatively. The refinance share of activity slightly increased, while VA applications fell. Despite a 5% weekly decline in purchase indices, they remain 13% higher than last year. Average interest rates for various mortgage products increased, indicating a challenging environment for buyers amid rising inflation concerns and national debt issues.
On an unadjusted basis, the index decreased 5% compared with the previous week, influenced by mortgage rates rising to their highest level since February, causing a slowdown.
Mortgage rates have jumped, with the 30-year fixed rate now at 6.92%, leading to a decline in refinance and purchase applications, even though yearly comparisons show some growth.
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