Purchases Rebound And Refinances Plunge

Summary

• Prospective home buyers have finally gotten some relief, at least in terms of mortgage rates.
• Given rates for 30-year mortgages are at the highest level in a couple of decades, there has been little incentive for most homeowners to refinance, resulting in refinance applications continuing to evaporate.
• Purchases applications have been more largely impacted by the recent reversal in rates.

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Prospective home buyers have finally gotten some relief, at least in terms of mortgage rates. The national average for a 30-year fixed rate mortgage via Bankrate.com’s data is down to 6.78% from a high of 7.35% on November