#mortgage-rates

#mortgage-rates

Mortgage applications increased 1.7% from one week earlier, according to data from the Mortgage Bankers Association (MBA)'s weekly mortgage applications survey for the week ending May 8. On an unadjusted basis, the index increased 2% compared with the previous week. The refinance index decreased 1% from the previous week and was 28% higher than the same week one year ago. The seasonally adjusted purchase index increased 4% from one week earlier.

Barratt Redrow's management indicated that while current trading remains resilient, the visibility beyond the current financial year is more uncertain due to external economic factors.

Cash-out refinance volume rose 9% from February and 21% from March 2025, while rate-and-term refinance volume fell 34% month over month but remained more than 66% higher than a year ago.

The February PAPI declined over the month and is nearly 10% lower than a year ago, reflecting both reduced payments and steady income growth, Edward Seiler said. While affordability conditions remain challenging in many markets, these incremental gains felt across more than half of states are an encouraging sign for prospective buyers, particularly those seeking lower-payment options.