Mortgage
Mortgage applications decreased last week despite a decrease in interest rates.
Summary: Mortgage application volume decreased despite a slight decrease in mortgage rates, with applications for refinances falling 2% and purchases decreasing by 0.2%. The 30-year fixed rate dropped to 6.93%, but this was not enough to stimulate borrower demand. The refinance share of mortgage activity decreased to 30.8% of total applications.
– Mortgage application volume decreased 0.7%
– Average rate for a 30-year mortgage decreased to 6.93%
– Applications for refinances fell 2%
– Applications for purchases decreased 0.2%
– Refinance share of mortgage activity decreased to 30.8%
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