Mortgage applications, refinance applications rebound
Briefly

The latest mortgage application activity shows a significant uptick, with the index increasing 12% unadjusted week-over-week. Refinance activity rose by 11%, driven largely by VA applications, and conventional loan applications increased notably. Despite some economic challenges indicated by a negative GDP growth reading, the net impact on mortgage rates was mostly downward, with the 30-year fixed rate declining to 6.84%. This suggests a resilience in home buyer activity as rates adjust and consumers respond to economic conditions, particularly for move-up buyers.
The refinance share of mortgage activity decreased to 37.1% of total applications, down slightly from 37.3% the previous week. This shift reflects changing borrower priorities.
Borrowers of conventional loans tend to have larger loan sizes and are more likely to be move-up buyers, suggesting a robust demand despite economic headwinds.
With mortgage rates moving lower, refinance volume increased by 11%, driven in particular by a substantial 26% rise in VA refinance applications.
The net impact on mortgage rates was mostly downward, returning to levels from early April, as mixed economic signals continue to shape borrower decisions.
Read at www.housingwire.com
[
|
]