Mortgage refi applications jump even as U.S. homebuyer demand stays soft, supply up
U.S. mortgage numbers are confusing markets. Homeowners remain fast to tap refinancing on any rate pullback, but new buyers are staying on the sidelines, so builders’ inventory is not moving. Mortgage applications bounced 1.0% last week, per Mortgage Bankers Association data, after dropping 3.8% a week earlier. The uptick was driven by a 3% gain in refinancing, but purchase activity was down. The 30-year fixed conforming rate ticked lower, down to 6.59% from 6.60%.