Read next: Fed calls for shakeup of banking rules after SVB failure
MBA’s refinance index rose 10% week over week, and the purchase index climbed 5% from the week before. Kan noted that while both refi and purchase indices increased last week, they remain 44% and 30% below last year’s levels, respectively.
“Lower rates from week to week have helped buyers in the market, but limited for-sale inventory remains a challenge for many homebuyers,” Kan said. “Refinance activity jumped 10% to its highest levels since September 2022, although there is only a small pool of borrowers who can benefit from refinancing with rates at these levels.”
The refinance share of mortgage activity was up from 27.2% to 28% of total applications, while the adjustable-rate mortgage (ARM) share of activity was down to 6.8% of overall applications.
Want to make your inbox flourish with mortgage-focused news content? Get exclusive interviews, breaking news, industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
Comments are closed, but trackbacks and pingbacks are open.