Xactus Mortgage Intent Index
According to Mike Fratantoni, MBA’s senior vice president and chief economist, the 30-year mortgage rate has risen to 6.57%, the highest level since last August. Refinance application volumes have decreased by 17% and purchase application volume has also declined, albeit by a smaller percentage. Despite the increase in rates and economic uncertainty, the FHA and VA loans are holding up better than conventional loans. The refinance share of mortgage activity has dropped to 45.3%, with ARM activity comprising 8% of total applications.
The FHA share of total applications decreased to 19.5%, while the VA share increased to 16.1% and the USDA share remained unchanged at 0.5%. Interest rates for 30-year fixed-rate mortgages have increased to 6.57%, with jumbo balances at 6.59%. The average rate for 30-year fixed FHA loans rose to 6.25%, and 15-year fixed mortgages increased to 5.89%. However, interest rates for 5/1 ARMs decreased to 5.67% during the week.
The Xactus Mortgage Intent Index, which analyzes credit-pull activity, dropped to 143.1 due to elevated mortgage rates and economic uncertainty. Thomas Lloyd, chief strategy officer for Xactus, noted a 2% decline in mortgage intent week over week and a 5% decrease compared to the same week last year.