Overview
- The 30-year fixed rate rose for a third straight week to 6.37%, the highest in four weeks, according to MBA data.
- Total applications fell 5.2% week over week, with purchase activity down 2% and refinance activity down 7%.
- Refinance volume remained 125% higher than a year ago and purchase applications were 26% above last year’s levels.
- Product mix shifted as ARM share fell to 7.5% while FHA rose to 19.9%, VA to 15.2%, and USDA to 0.3%.
- Rate moves were mixed across loan types, with jumbo 30-year loans easing to 6.39%, 15-year fixed rising to 5.83%, 5/1 ARMs up to 5.65%, and FHA fixed holding at 6.14%.