U.S. Mortgage Applications Jump 10.8% as 30-Year Rate Edges Up to 6.60%
Updated
Updated · CNBC · Jun 10
U.S. Mortgage Applications Jump 10.8% as 30-Year Rate Edges Up to 6.60%
1 articles · Updated · CNBC · Jun 10
Summary
Total mortgage application volume climbed 10.8% last week, with borrowers returning despite slightly higher rates for what economists described as a final spring push.
Refinance applications led the gain, rising 15% week over week and 20% from a year earlier, as borrowers found brief windows of lower pricing even in a volatile market.
Purchase applications increased 7% from the prior week and 4% year over year, suggesting buyers pulled demand forward after rate swings earlier in the spring selling season.
The average 30-year fixed conforming rate rose to 6.60% from 6.57%, while adjustable-rate loans gained traction, with ARM share reaching 8.6% and the 5-year ARM averaging 5.96%.
Rates were flat at the start of this week, but lenders said the upcoming U.S. consumer price index could trigger sharper moves if inflation data diverges from forecasts.