Investing.com -- Mortgage rates remained relatively stable last week, showing little change. Despite this, there appears to be a slight resurgence of homebuyers returning to the market, even amidst the challenging conditions of the spring season.
However, the demand for refinancing saw a dip, leading to a 2% decrease in total application volume compared to the week before. This information comes from the Mortgage Bankers Association’s seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages, with conforming loan balances of $806,500 or less, saw a minor decrease. The rate moved to 6.71% from 6.72%. Additionally, points, which include the origination fee for loans with a 20% down payment, fell to 0.60 from 0.64. This minor adjustment in rates and points could potentially be a contributing factor to the slight increase in homebuyers returning to the market.
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