Refinance applications rise to strongest level since April

Mortgage Market Trends - The average 30-year fixed mortgage rate decreased to 653%, the lowest since October [1] - Refinance applications surged 23% last week, marking the strongest week since April [1][2] - Refinance applications now account for nearly half of all applications [2] - Home buyer applications increased by only 1% for the week [2] Adjustable Rate Mortgage (ARM) Dynamics - Adjustable rate mortgage (ARM) applications jumped 25% to their highest level since 2022 [2] - The ARM share increased to nearly 10% of all applications [2] - The average rate on a 5-in-1 ARM dropped to 580% from 606% [3] - The increase in ARM demand is unusual given the falling interest rates [3]