Overview
- Freddie Mac reported the 30-year fixed average at 6.17%, the lowest level in more than a year and the fourth straight weekly decline.
- Daily mortgage quotes rose roughly 20 basis points after the Fed chair's press conference, with Mortgage News Daily pegging the 30-year fixed near 6.33%.
- Refinance activity has surged, with Mortgage Bankers Association data showing applications up about 111% from a year earlier.
- Adjustable-rate mortgages are gaining share as initial rates run lower than fixed loans, with a 5/1 ARM around 5.66% according to MBA data.
- Rates are down about 87 basis points from their mid-January peak, yet high home prices and a softer labor market continue to restrain buyer demand.