Mortgage Applications Jumped Last Week

Mortgage applications jumped 6.3% for the week ending May 5, with the average 30-year fixed-rate mortgage ending the week at 6.48%. This increase came in response to the Federal Reserve indicating it may pause interest rate hikes, as purchase applications increased 5% from one week earlier. Refinancing increased slightly, with the MBA's Refinance Index hitting its highest level since September 2022. Low inventory and higher prices are keeping would-be buyers out of the market, though the Fed's potential pause in rate hikes may renew enthusiasm.

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