US Mortgage Applications Increase, Loan Sizes Decrease

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“The lower rates have led to an increase in the number of refinancing applications, while the number of applications for government loans jumped 10% to the highest level since May 2021,” added Kahn. “The number of applications for the purchase of both ordinary and government loans has also increased. The purchasing index was at its highest level since early July, although it continued to lag behind the pace of 2020. ”

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The share of refinancing of mortgage activities remained at 67.3% compared to the previous week. FHA’s share of total filings increased from 9.4% to 11%, while VA’s share fell three basis points to 10%, and USDA’s share remained unchanged from 0.4% in the previous week.

In addition, Kahn noted a slight decrease in average loan sizes, which may be a sign that “more first-time buyers looking for low-cost homes are being helped by the recent increase in the number of homes for sale for both newly built and existing homes. “

The average contractual interest rate for 30-year fixed rate mortgages and associated loan balances ($ 548,250 or less) decreased three basis points to 3.03%. The average contractual interest rate for 30-year fixed rate mortgages with large loan balances (more than $ 548,250) decreased by six basis points to 3.13%.

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