The recent mortgage index reports indicate a 4% decrease in refinancing activity compared to the prior week, with rates hovering near 7%. Refinance applications accounted for 37.3% of all mortgage activities. Although refinancing has decreased overall, it remains 42% higher than last year. Purchase applications also dropped 4%, attributed to economic uncertainty and labor market signs. FHA applications performed better than conventional and VA, which saw declines. Average loan sizes for refinances have fallen, indicating a cautious market as potential buyers await lower rates.
'Given the pullback in refinancing, the average loan size for refinances declined to just under $290,000, the lowest level in three months.'
'Mortgage application activity, particularly for home purchases, continues to be subdued by broader economic uncertainty and signs of labor market weakness, dropping to the slowest pace since February.'
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