Mortgage demand increased by 1.7% last week, despite rising interest rates, with the average rate for 30-year fixed mortgages reaching 6.90%. Purchase applications rose 2%, driven by conventional and FHA loans, while refinancing applications surged 2% and were 43% higher than last year, largely due to a 10% increase in VA applications. Mortgage rates showed slight fluctuations this week, influenced by geopolitical events and investor behavior.
Mortgage demand has stalled as rates hit their highest since July, with a slight overall application volume increase of 0.5%. The average rate for 30-year fixed mortgages rose to 6.86%, influenced by higher Treasury yields amid uncertainties surrounding the Trump presidency. While refinancing applications fell 2%, purchase mortgage applications increased by 2%, supported by FHA and VA loans.
Mortgage demand has stalled as interest rates surged, with the average rate for 30-year fixed mortgages rising to 6.73%. Refinancing applications dropped 6% for the week, while purchase mortgage applications increased by 5%, reflecting heightened buyer interest amid a growing supply of homes. Volatility is expected to remain high leading up to key economic events, including the upcoming election.
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