Key insights
- Mortgage applications decreased by 1.6% last week, driven by a slight increase in interest rates to 6.37%. Refinance applications fell 4% but are up 51% YoY. Purchase applications rose 1% for the week and 21% YoY, suggesting some resilience in the housing market despite higher rates. This data indicates a slightly negative influence on US equities, as higher rates can dampen economic activity.
Investing.com -- Mortgage applications fell 1.6% last week as interest rates climbed, according to the Mortgage Bankers Association’s seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $832,750 or less rose to 6.37% from 6.35%. Points remained at 0.61, including the origination fee, for loans with a 20% down payment.
Refinance applications dropped 4% for the week but remained 51% higher than the same week one year ago, when the 30-year fixed rate was about a half percentage point higher.
Purchase applications increased 1% for the week and were 21% higher year over year. More housing inventory has entered the market, and buyers appear to be adjusting to news regarding the war with Iran.
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