Mortgage applications rose slightly by 1.1%, driven by a 2.3% increase in purchase applications and the highest inventory levels in over five years. Although refinance applications decreased to 36.4%, they remain significantly higher year-over-year due to lower mortgage rates. The recent FOMC meeting contributed to stable mortgage rates, with the 30-year conforming rate at 6.86%. Government purchase applications also increased, highlighting shifts in the mortgage landscape as spring strengthens buyer activity.
The refinance share of mortgage activity dipped down to 36.4% of total applications from 37.1% the previous week, demonstrating shifts in mortgage application trends.
The most notable change in this week's data was the increase in purchase applications, which jumped 2.3% on a weekly basis and were up 18% year over year.
Refinance applications were also steady for the week, but were significantly higher year-over-year, spurred on by lower mortgage rates compared to one year ago.
There was a notable gain in government purchase applications, up almost 5 percent for the week and 40 percent on an annual basis.
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