Mortgage application activity has been holding steady, as many buyers and refinancers are pausing to reassess their options in light of current borrowing costs. Recently, purchase applications dipped by 2% seasonally adjusted, and 3% unadjusted, while refinancing showed a modest 2% increase—making up about 42% of all mortgage activity. Larger-balance borrowers are still hesitating, and affordability concerns are leading some buyers to wait before making a move. On a brighter note, VA applications reached a share of 12.6%. With the 30-year conforming rate hovering around 7% and no rate cuts expected through 2026, patience is important for anyone navigating these decisions. As someone who guides clients through Chicagoland’s dynamic market, I know how crucial it is to stay informed and consider every opportunity carefully.
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