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For the first time since early September 2022, the Freddie Mac Primary Mortgage Market Survey has the 30-year below 6%, but the 15-year gained this week.
After three consecutive weeks of increases, the 30-year fixed mortgage rate dropped 0.3 basis points to 6.23% this week, according to Freddie Mac.
A pickup in refinances was offset by the first pullback in purchases in four weeks in the run-up to Labor Day, according to the Mortgage Bankers Association.
The increase in purchase volume was not enough to offset the drop in refinance application submissions as conventional rates increased week-over-week.
For the second consecutive week mortgage rates moved higher, as the likelihood of the Federal Reserve acting diminished after the Consumer Price Index report.
