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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.
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