Mortgage Applications on the Rise: June Sees a Jump!

Great news for homebuyers and refinancers! Mortgage applications jumped by a lively 15.6% in the week ending June 7, 2024, according to the Mortgage Bankers Association (MBA). This increase marks a bright spot for those navigating the housing market.

The buzz is all about the surge in mortgage applications, both for new purchases and refinances. The Refinance Index shot up by a whopping 28%, fueled by VA borrowers taking advantage of lower rates. Even though mortgage rates saw a slight rebound after a strong employment report, they averaged out to 7.02% for a 30-year fixed mortgage.

Mike Fratantoni, MBA’s Chief Economist, noted the upbeat trend: “Lower rates earlier in the week drove a significant increase in refinance activity. Purchase activity also rose, and we’re seeing more homes on the market compared to last year, which is great news for eager homebuyers.”

The refinance share of total applications climbed to 35.2%, while adjustable-rate mortgage (ARM) applications dipped slightly to 6.3%. As for government-backed loans, the VA share increased to 14.7%, while FHA and USDA shares saw minimal changes.

Interest rates also saw some movement. The 30-year fixed-rate mortgages with conforming loan balances dropped to 7.02%, and jumbo loans slightly decreased to 7.18%. FHA-backed 30-year fixed rates held steady at 6.87%, while 15-year fixed-rate mortgages fell to 6.60%. The 5/1 ARMs, however, increased to 6.45%.

So, whether you’re eyeing a new home or thinking about refinancing, now might be the perfect time to jump into the mortgage market!

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