Mortgage Activity Increases after Dip in Rates
Mortgage activity increased to 7.4% and the average 30-year fixed-rate mortgage fell to 6.18%.
According to Eye on Housing, the Market Composite Index, a measure of mortgage loan application volume, rose by 7.4% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 3.1%, while refinancing activity increased 17.7% week-over-week.
Purchasing activity has slightly increased as interest rates have fallen for 5 consecutive weeks, but it remains 32.7% lower than one year ago. Refinancing activity continues to remain at lower levels, the refinancing index is down 74.8% from one year ago.