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US mortgage applications were up 10.9% in the week ended August 8, according to the Mortgage Bankers Association. Applications for Purchases were up 1.4% on the week, but those for Refinancings jumped 23.0%.
The average two-year mortgage rate has dipped below 5% for the first time since former Prime Minister Liz Truss's mini-budget in September 2022. The rate has dropped to 4.99%, according to Moneyfacts, which described it as a "symbolic turning point" for homebuyers. https://t.co/qlu6CaDYoD
U.S. mortgage applications rose 10.9% in the week ended Aug. 8, the strongest increase in two months, as the average contract rate on a 30-year fixed loan fell 10 basis points to 6.67%, Mortgage Bankers Association data showed on Wednesday. The rate decline—the sharpest since February—sparked a 23% jump in refinancing activity, the second-highest level since October. Purchase applications inched up 1.4%. The 15-year fixed rate slipped below 6% for the first time in four months, while demand for adjustable-rate mortgages climbed 25%, lifting ARMs to almost 10% of all applications. Mortgage costs remain about 13 basis points above year-earlier levels, but the latest pullback offers relief to homeowners and could bolster housing activity if the trend persists. In a separate development, Moneyfacts said the average U.K. two-year fixed mortgage rate dipped below 5% for the first time since the September 2022 mini-budget, highlighting a broader easing in borrowing costs on both sides of the Atlantic.
