Refinance applications take a dip after several strong weeks

The seasonal adjusted purchasing index fell by 6% compared to a week earlier, while the non -corrected purchasing index fell by 1% in the same week. Compared to the same time last year, the non -corrected index was 7% higher.

“The mortgage interest rate fell on average during the week, because the markets unexpectedly shelled strong inflation data. Despite the mortgage interest rate, with the 30-year fixed mortgage interest rate fell to 6.93%, mortgage applications fell to their slowest pace since the start of the year, ”said Joel Kan, vice-president of MBA and deputy chief economist. “Purchasing applications had fallen for the week, because buyers remained on the fence, although the release of inventory can help support the activity in the coming months. The refinancing applications had risen in previous weeks, but fell because the rates remained nearly 7%. “

For each product, the mortgage share (poor) share in the activity of the activity fell to 5.4% of the total applications. The Fha The share of the total applications rose to 16.6% of 16.0% the week before and the Va The share of the total applications fell to 14.2% of 14.6% the week before.

The USDA The share of the total applications finally saw movement after a few weeks of unchanged levels, so that it was marginal to 0.5% of 0.5% the week before.

While 30-year-old mortgages with fixed interest rates ($ 766,550 or less) interest rates fall to 6.93% of 6.95%, interest rates for 30 years rose with fixed rates with jumbo loan balances to 7.03% of 6.96%.

The average contract interest for 30-year-old by the FHA with fixed rates with a fixed interest rate supported to 6.70% of 6.69% and the average contract interest rate for 15-year mortgage with a fixed interest rate fell to 6.31% of 6.35%.