Mortgage rates are significantly higher than they were at the start of 2024, they pulled back slightly last week but several weeks of straight increases.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 7.18% from 7.29%.
Applications for a mortgage to purchase a home rose 2% for the week but were still 17% lower than the year-earlier week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 7.18% from 7.29%, with points unchanged at 0.65 for loans with a 20% down payment.'s announced plans to ease quantitative tightening in June and to maintain its view that another rate hike is unlikely," said Mike Fratantoni, MBA's senior vice president and chief economist.
"First-time homebuyers account for roughly half of purchase loans, and the government lending programs are an important source of financing for these homebuyers. The gain in FHA activity is a sign that this segment of the market is active," Fratantoni added.
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