Mortgage applications remain strong despite the fact that refinances have been on the decline. Applications have risen by 0.6%, according to a report from HousingWire.
"The 10-year Treasury rate rose slightly last week, as markets expected more progress toward a trade deal between the U.S. and China," said Joel Kan, MBA’s vice president of economic and industry forecasting, according to HW.
"Mortgage rates increased for the second straight week as a result, with the 30-year fixed-rate climbing to 4.05% – the highest level since the end of July."
The report revealed that adjustable-rate mortgage share of activity rose to 5.2% of the total number of applications. Meanwhile, the Federal Housing Administration's number of mortgage apps fell to 12% from the prior week's 12.1%.
Refinance activity fell to 58% from the prior week's 58.5%, according to the report.
To learn more about how mortgage applications remain unaffected by the decline in refinances, click on the image above.