Homebuyers , Take Advantage of , Easing Mortgage Rates.
'Newsweek' reports that the number of mortgage
applications increased for the week ending June 21
as the cost of home loans has begun to ease. .
According to the Mortgage Bankers Association (MBA)
Market Composite Index, there was a nearly 1% increase
in mortgage applications from the week before.
MBA data shows that it is the third
consecutive week of an increase
in application numbers. .
At the same time, refinancing
activity was up 28% compared
to the same time in 2023.
In recent weeks, mortgage rates have trended
below 7%, helping to slightly reduce the cost of
monthly payments for potential homebuyers.
Mortgage rates were mostly
lower last week, with the 30-year
fixed rate declining slightly to
6.93 percent, the lowest level
in more than three months, Joel Kan, MBA's deputy chief economist, via 'Newsweek'.
According to Joel Kan, MBA's deputy chief economist,
the drop in rates has failed to convince more
homeowners to change the terms of their existing loans.
According to Redfin data, almost 90% of U.S.
homeowners have mortgages below 6%,
cheaper than the current market.
Purchase applications did see
a small increase after adjusting
for the Juneteenth holiday, Joel Kan, MBA's deputy chief economist, via 'Newsweek'.
Government purchase loans,
primarily FHA and VA, saw
gains of more than 2 percent
over the previous week,
as homebuyers in those segments
sought to take advantage
of the recent rate relief, Joel Kan, MBA's deputy chief economist, via 'Newsweek'