“Mortgage rates fell, with the 30-year fixed rate falling to 6.17%, and all other loan types in the survey also fell. Refinancing applications rose for all loan types, marking the strongest week for refinancing since mid-January. Overall, however, there was a decline in purchase applications, although VA purchase applications bucked the trend and rose 4%.”
The refinancing share of total mortgage activity rose to 57.4%, up from 56.4% the week before. The mortgage share with variable interest rates increased to 8.2% of total applications.
The Federal Housing Administration The share (FHA) of the total number of applications remained unchanged at 18.4%. The The U.S. Department of Veterans Affairs (VA) stock rose to 16.5%, up 50 basis points from a week ago, while the US Department of Agriculture (USDA) share remained stable at 0.4%.
The average contract rate for 30-year fixed-rate mortgages with a conforming loan balance of $832,750 or less fell 4 basis points to 6.17%. Interest rates for 30-year mortgages with jumbo balances fell 9 basis points to 6.21%.
The average rate for 30-year FHA loans fell 2 basis points to 5.99% and the rate for 15-year mortgages fell from 5.65% to 5.50%. The average rate for 5/1 adjustable rate mortgages fell 4 basis points to 5.29%.
Xactus Mortgage Intent Index
Data from ThrownThe Mortgage Intent Index (which analyzes aggregated, anonymized credit-pull activity on the Xactus Intelligent Verification Platform) shows that activity is up 2.19% week over week and up 4.8% compared to the same week last year.
“This marks the first positive year-over-year gain since January 23, signaling a recovery after two weeks of weather-related disruptions. A welcome confirmation that pre-storm strength was not an outlier – and an encouraging sign heading into the spring homebuying season,” said Thomas Lloyd, Chief Strategy Officer of Xactus.
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