Total mortgage application volume fell 2.5% last week as demand for home purchases slowed to its lowest pace since April, despite a slight decrease in the average 30-year fixed-rate mortgage to 6.57%. Refinance applications also declined.
Mortgage applications increased 1.7% week-over-week, with purchase applications rising 4% and refinance applications declining 1%, as buyers adapt to higher mortgage rates (30-year fixed at 6.46%) despite economic uncertainties.
Mortgage application volume increased by 7.9% last week as 30-year fixed rates fell to 6.35%. The rise in demand is attributed to lower rates, a strong job market, and higher housing inventory, despite ongoing geopolitical volatility.
