Mortgage applications fell 1.6% last week after a prior 7.9% rise, with refinance applications down 4% due to a slight increase in 30-year fixed mortgage rates to 6.37%. Purchase applications rose nearly 2% weekly and were over 20% higher than last year, reflecting improved homebuying sentiment amid increased housing inventory. The refinance share dropped to 42.5%, while adjustable-rate mortgage activity rose to 8.3%. FHA application share declined, VA and USDA shares remained steady.
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