"The ongoing conflict in the Middle East continues to push rates higher, with mortgage rates last week increasing to their highest level in a month, reaching 6.45%."
"Despite purchase applications declining over the week, overall activity remains higher compared to last year's pace, indicating resilience in the market."
"The average loan size on a purchase application increased to $467,300, the highest in the survey's history, suggesting potential first-time buyers are hesitant due to economic uncertainty."
"The refinance share of applications was the lowest since August 2025, reflecting the impact of elevated rates and shrinking refinance incentives on market activity."
The purchase index decreased by 4% week-over-week, while the unadjusted index fell by 3% but was 5% higher than last year. Mortgage rates reached a monthly high of 6.45%, influenced by ongoing Middle East conflicts. Refinance applications declined, particularly for conventional and VA loans, with the refinance share at its lowest since August 2025. Despite a drop in purchase applications, overall activity remains above last year's levels. The average loan size for purchase applications hit a record $467,300, indicating hesitance among first-time buyers due to economic conditions.
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