Overview

• The average 30-year fixed mortgage rate has dropped to 6.84%, down from 6.89% last week, according to the Mortgage Bankers Association.
• Purchase mortgage applications rose 11% in the past week, marking a 13% increase compared to the same period last year.
• Refinance demand is up 51% year-over-year, with VA loans driving a 26% weekly increase in refinancing activity.
• The Federal Reserve held its benchmark rate steady for the third consecutive meeting, signaling caution against inflationary risks but no immediate rate cuts.
• Persistently low housing inventory and the homeowner 'lock-in' effect continue to suppress existing home sales, which dropped nearly 6% in March.