The seasonally adjusted purchase index rose by 2% from the last report to its highest level since May 2010. On an unadjusted basis, the composite index increased 16% week-over-week. Year-over-year the unadjusted purchase index is up 21% for the week and 16% year-over-year.
The share of refinancings dropped slightly from 79% to 78%. Low mortgage rates and affordable prices are attracting more buyers.
The average contract interest rate for a conforming 30-year fixed-rate mortgage rose from 3.67% to 3.73%. The rate for a jumbo 30-year fixed-rate mortgage increased from 3.95% to 3.96%. The average interest rate for a 15-year fixed-rate mortgage fell from 2.95% to 3%.
The contract interest rate for a 5/1 adjustable rate mortgage increased from 2.60% to 2.72%.
The drop in new household formation that began during the financial crisis of 2009 may finally be over. Home prices are rising as more buyers come into the market. Mortgage interest rates are rising slowly, but higher demand from buyers will do that.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
