Mortgage Applications Rise For First Time In 4 Weeks
(RTTNews) - U.S. mortgage applications increased in the week ending July 12, after declining in the past three weeks, the weekly survey results from the Mortgage Bankers Association showed Wednesday.
Mortgage applications rose 3.9 percent from the previous week, when they fell 0.2 percent, the MBA said.
The Market Composite Index, which measures mortgage loan application volume, grew a seasonally adjusted 3.9 percent from the previous week. On an unadjusted basis, the increase was 30 percent.
The Refinance Index climbed 15 percent from the previous week and was 37 percent higher than the same week one year ago. The seasonally adjusted Purchase Index fell 3 percent from one week earlier, but surged 22 percent on a non-adjusted basis.
"Mortgage rates declined last week, as recent signs of cooling inflation and the increased likelihood of Fed rate cuts later this year pulled them lower," Joel Kan said.
"The 30-year fixed rate declined to 6.87 percent, the lowest rate since March 2024."
Application activity grew 4 percent, on the back of a 15 percent jump in refinances to the highest level since August 2022.
"While FHA and VA refinance applications accounted for a significant share of the increase, these are likely recently originated loans with even higher than current offered rates," Kan said.
"Even with last week's rate decline, purchase applications continue to lag, down 14 percent compared to last year's pace."
The seasonally adjusted Purchase Index fell 3 percent from a week earlier, while the unadjusted measure increased 22 percent.
The 15-year fixed-rate mortgage rate decreased to 6.49 percent from 6.63 percent.
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