Purchase mortgage application volume in the U.S., which is a leading indicator for sales, ticked up 6 percent over the past week in the absolute and 5 percent on a seasonally adjusted basis but was still 11 percent lower than at the same time last year (at which point application volume was down 38 percent from 2022), based on application data from the Mortgage Bankers Association.
At the same time, the average rate for a 30-year jumbo mortgage has ticked down to 7.04 percent, with the average rate for a benchmark 30-year mortgage having inched back under 6.9 percent but the expected value of the Fed’s rate cuts this year having slipped as well, none of which should catch any plugged-in readers by surprise.
UPDATE: Purchase mortgage application volume in the U.S. ticked back down a (1) percent over the past week and was 14 percent lower than at the same time last year with mortgage rates inching back up.
UPDATE: Purchase mortgage application volume in the U.S. inched up 0.2 percent in the absolute over the past week but down 0.2 percent on a seasonally adjusted basis and was 16 percent lower than at the same time last year despite mortgage rates inching down as well.
UPDATE: Purchase mortgage application volume in the U.S. ticked up a (1) percent over the past week but slipped 0.1 percent on a seasonally adjusted basis and was 13 percent lower than at the same time last year as a little dip in rates has “[done] little to ignite overall mortgage application activity,” per the MBA.