According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. The improvement led to a boost in refinance activity, though purchase application demand fell 4 percent week-over-week.
Joel Kan, MBA’s vice president and deputy chief economist, says rates are now at a six-week low. “Mortgage rates moved lower last week, consistent with lower Treasury yields following the FOMC meeting and a volatile week for the stock market. The 30-year fixed-rate declined to its lowest level in six weeks …” Kan said. “Mortgage applications responded to these lower rates and were up for the week overall, driven by a 12 percent increase in refinance applications, which had their strongest week since December 2024.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.
[Source: MBA]
