Daenin Arnee
- MBA Mortgage Applications
- Composite index: -0.6% versus -0.7% a week ago.
- Purchase index: -0.1% versus -0.2% in the previous week.
- Refinancing index: -1.6% versus -1.6% in the previous week.
- 30-year fixed-rate mortgages stood at 6.91%, compared to 6.93% last week.
- “Mutual rates fell last week, but that didn’t do much to stimulate overall mortgage application activity,” said Joel Kan, vice president and deputy chief economist at the Mortgage Bankers Association.
- “High mortgage rates continued to weigh on homebuying. Purchase applications remained unchanged overall, although FHA purchases increased slightly over the week. Refinance applications declined, falling 5% from the pace last year,” Kan added.