Recent Trends in Mortgage Applications

According to the latest Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey, there was a 1.6% decline in mortgage applications across the United States for the week ending March 29. This subtle decrease comes alongside a minor adjustment in interest rates, with the average contract interest rate for 30-year fixed-rate mortgages decreasing by 0.01 percentage points to 6.7%.

Breaking Down the Numbers

The survey highlighted a 2% increase in the purchase index, reaching 158.2, suggesting a growing interest in home buying. Conversely, the refinance index experienced a 6% drop to 710.4, indicating a shift in homeowner priorities.

Expert Insights

Joel Kan, MBA Deputy Chief Economist, commented on the findings: "Overall purchase activity has shown year-over-year growth for more than two months as the inventory of existing homes for sale continues to increase, a positive development for the housing market despite the uncertain near-term outlook."