The MBA's refinance index decreased 19% from the previous week while remaining 69% higher than the same week one year ago. The refinance share of mortgage activity decreased to 52.3% of total applications, down from 57.8% the previous week.
Refinance applications increased for the fourth straight week to the strongest pace since 2022, with conventional refinances up 20%. The increase in the average loan size for refinances indicates that more borrowers with larger loan sizes are seeking to lower their monthly payments.