Mortgage demand jumped 2.8% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Survey… (MBA)
- REFIS: The Refinance Index jumped 3% from the previous week but was 8% lower than the same week one year ago.
- PURCHASE: The Purchase Index was up 1% compared with the previous week but was down a whopping 18% from the same time one year ago.
NOTE: The refinance share of mortgage activity increased to 68% of total applications from 67.6% the previous week.
Demand jumped even though mortgage rates increased for the first time in three weeks but still remained under 3%…
- 30-YR FIXED: The average contract rate increased two basis points to 2.99% and was down from 3.06% at the same time one year ago.
- 15-YR FIXED: The average contract rate increased two basis points to 2.35% and was down from 2.67% at the same time one year ago.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said that continued low rates are making it a refinancing market…
- “Homeowners continue to respond to lower rates, with refinance activity climbing to the highest level since February 2021. The refinance share of loan counts was at 68 percent, compared to a 63.4 percent share for refinances by dollar volume, as purchase loans continue to see significantly higher loan sizes.”