Homebuyers , Take Advantage of , Easing Mortgage Rates.<br />'Newsweek' reports that the number of mortgage <br />applications increased for the week ending June 21 <br />as the cost of home loans has begun to ease. .<br />According to the Mortgage Bankers Association (MBA) <br />Market Composite Index, there was a nearly 1% increase <br />in mortgage applications from the week before.<br />MBA data shows that it is the third <br />consecutive week of an increase <br />in application numbers. .<br />At the same time, refinancing <br />activity was up 28% compared <br />to the same time in 2023.<br />In recent weeks, mortgage rates have trended <br />below 7%, helping to slightly reduce the cost of <br />monthly payments for potential homebuyers.<br />Mortgage rates were mostly <br />lower last week, with the 30-year <br />fixed rate declining slightly to <br />6.93 percent, the lowest level <br />in more than three months, Joel Kan, MBA's deputy chief economist, via 'Newsweek'.<br />According to Joel Kan, MBA's deputy chief economist,<br />the drop in rates has failed to convince more <br />homeowners to change the terms of their existing loans.<br />According to Redfin data, almost 90% of U.S. <br />homeowners have mortgages below 6%, <br />cheaper than the current market.<br />Purchase applications did see <br />a small increase after adjusting <br />for the Juneteenth holiday, Joel Kan, MBA's deputy chief economist, via 'Newsweek'.<br />Government purchase loans, <br />primarily FHA and VA, saw <br />gains of more than 2 percent <br />over the previous week, <br />as homebuyers in those segments <br />sought to take advantage <br />of the recent rate relief, Joel Kan, MBA's deputy chief economist, via 'Newsweek'
