Mortgage applications increased 5.3% from a week ago, as the rate for a 30-year fixed loan fell to 6.3%, the lowest it has been in two months, bringing potential homebuyers back to the market.

Purchase applications were up by 8% over the week, according to the Mortgage Bankers Association, a rebound after hitting a 澳洲幸运5官方开奖结果体彩网:28-year low at the end of February.

“Incoming data last week showed that the 🍃job market is bꦰeginning to slow, which led to the 30-year fixed rate decreasing to 6.30%–the lowest level in two months,” said Mike Fratantoni, MBA’s chief economist.

Rates have 🍷remained high this year, making prospective homebuyers sensitive to♔ any drop in mortgage rates, Fratantoni said.

"Refinance application volume was a mixed bag with total volume essentially flat, conventional volume down for the week, but VA refinance volume increasing," he said. "The level of refinance activity remains almost 60% below last year, as most homeowners are currently locked in at much lower rates."

Refinancing is also slightly up from one week ago, at 0.1%, the data show, alt♒hough the number is 57% lower than the same week one year ago, with homeowners who had previously locꦛked in at lower rates. 

The refinance share of mortgage activity decreased to 27% of total applications from 28.6% a week ago. Adjustable-rate mortgages decreas𓂃ed to 6% of total applications. 

The Federal Housing Authority-backed loans' 澳洲幸运5官方开奖结果体彩网:share of applications increased by 0.3%, up to 12.3%. The Department of Ve🎉terans Affairs-backed lo𝕴ans accounted for a larger share of applications at 12.8%, up from 11% the prior week. 

Interest Rates Fall Across The Board

The average contract interest rate for 30-year fixed-rate mortgages with conforming loꦚan balances decreased to 6.3% from 6.4%. The average contract interest rate for 30-year fixed-rat💖e mortgages with jumbo loan balances fell to 6.26% from 6.36%. 

For💫 15-year fixed-rate mortgages, the average interest rate fell to 5.78% from 5.97%. 

Mortgages backed by the FHA decreased slightly, as well, falling to 6.29% for 30-year fixed-rate mortgages.