Refinancing volume increases as mortgage rates retreat to 6.42%

Conventional refinance applications increased as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.42% from 6.51% the prior week. This retreat in rates was driven by a ceasefire in the U.S.-Israeli war with Iran, which lowered oil prices. The Refinance Index increased 5% from the previous week. The refinance share of mortgage activity activity increased to 45.5% of total applications from 44.3% the previous week.