That drop contributed to a boost in refinances, which increased to their highest level since August of 2022, while applications were up 3.9% over the week prior as the market started to gather pace.
After a prolonged cooldown throughout 2023 and the opening months of this year, spring and early summer have seen a healthy level of mortgage market activity, according to Richmond, Virginia-based senior loan officer Kristin O’Neil (pictured top) of Open Door Lending.
She told Mortgage Professional America that while a standard midsummer slowdown had taken effect in recent weeks, prospects for the market appeared stronger than they had been for a long time. “June and July were some of the strongest months I’ve seen in well over a year,” she said.
“We had a ton of momentum going into the summer, but it does seem to be cooling a bit. However, I think that’s pretty typical for this time of year – we often have a few-week lull when families will vacation and take a short hiatus from their home search.”
Mortgage applications rebounded by 3.9% after two weeks of declining application activity, according to the latest survey by the Mortgage Bankers Association (MBA).
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— Mortgage Professional America Magazine (@MPAMagazineUS) July 17, 2024
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Borrower optimism on the market appears to be growing, O’Neil suggested, with FHA and VA streamlines especially prominent on the refinancing front.
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