Home Loans Gain Steam as Rates Stay Attractive
Mortgage applications are on the rise, signaling growing activity in the housing market. Overall home loan applications have increased significantly, showing strong interest from buyers and homeowners alike.
Mortgage rates are playing a role in this trend. The average rate for a 30-year fixed loan has eased slightly, giving borrowers more breathing room. Refinances are leading the charge, making up nearly half of all applications. Adjustable-rate mortgages are also gaining traction, accounting for almost 10 percent of total activity.
For purchase loans, activity has risen modestly, remaining notably higher than previous periods. Veterans Affairs loans continue to gain traction, while USDA-backed applications remain steady.
Here’s a quick snapshot of typical rates:
- 30-year fixed conventional loans are around 6.67 percent
- Jumbo 30-year loans are slightly higher at 6.70 percent
- FHA-backed 30-year loans are near 6.40 percent
- 15-year fixed loans are at 5.93 percent
- 5/1 adjustable-rate mortgages are about 5.80 percent
Borrowers with larger loans remain sensitive to rate movements, and the dip in rates has sparked strong refinance activity. Adjustable-rate mortgages remain an option for those looking to maximize flexibility, and refinances continue to be a major part of the market.
If you’re thinking about buying, refinancing, or tapping into your home equity, now is a great time to explore your options! Mortgage rates are fluctuating, and understanding the best strategy for your situation is key. Reach out today, and I’ll help guide you through the process, whether it’s securing your first home, upgrading to your dream property, or connecting you with a reputable lender!
