The median purchase rate rose by 1/8 ppt. to 6 3/4% in week 14, 2024. It is still down 1 ppt. from the series peak in week 43, 2023. According to Mortgage News Daily, the avg. 30-year rate was 7.11% on Apr. 8 th . Purchase volume was down 34% from the same week in 2019 and down 10% YoY, while purchase volume for the last 4 weeks of 2023 was down 32% compared to 2019. Preliminary y-o-y HPA was 5.9% in Feb. 2024. It is projected to be around 6% for March, April, and the first three weeks of May 2024. Despite subdued purchase activity and relatively high rates,y-o-y HPA remains strong, largely due to buyers being well-qualified. The average borrower FICO for purchase loans was 737, within the 2024 range of 736-738, the highest since tracking started in 2013.
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