MBA News & Analysis
2 articles
Market Mood
Mortgage Rates Hit 6.45%, Applications Drop 4.4% in Latest Data
Mortgage rates increased to 6.45% for 30-year fixed-rate loans, up from 6.37% the previous week, according to the Mortgage Bankers Association. Total mortgage application volume fell 4.4% week-over-week, with purchase applications declining by 4%, while refinance applications dropped by 5%. The average loan size on a purchase application reached $467,300, the highest since the survey began in 1990. Despite a year-over-year increase in applications, economic uncertainty and rising rates are impacting buyer confidence, particularly among first-time homebuyers.
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Mortgage Applications Rise 1.8% as Rates Reach One-Month Low
Mortgage application volume increased 1.8% last week compared to the previous week, according to the Mortgage Bankers Association. The average interest rate for 30-year fixed-rate mortgages fell to 6.42% from 6.51%. Refinance applications surged by 5% week-over-week and were up 15% from the previous year. However, homebuyer applications decreased by 1% weekly and were 3% lower than this time last year, reflecting ongoing economic uncertainty.
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