The latest report indicates a 4% decrease in the unadjusted mortgage index compared to the previous week, with only a modest increase in refinance applications. The refinance share rose to 37.3% of total applications, although overall activity remains impacted by economic uncertainty and recent geopolitical conflicts. The 30-year fixed mortgage rate fell to 6.84%, the lowest since April. Notably, VA-backed mortgage applications saw a rise, contrasting with declining trends in conventional and government loans. This reflects mixed indicators amid a changing economic landscape affecting homebuying sentiments.
On an unadjusted basis, the index decreased 4% compared with the previous week, but the refinance index was 25% higher than the same week last year.
Even with lower average mortgage rates, applications declined as ongoing economic uncertainty weighed heavily on potential homebuyers' purchase decisions.
The 30-year fixed rate decreased to 6.84%, its lowest level since April, driven by market volatility due to geopolitical conflict and tariff uncertainties.
VA applications increased by 2% for purchases and slightly for refinances, bucking the overall trend of declining refinance activity.
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