According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from the week before across most loan categories. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Joel Kan, MBA’s vice president and deputy chief economist, says rates were at their lowest level since September 2024. “Mortgage rates declined further last week, driving another big week for refinance applications, which saw the strongest level of activity since September 2025,” Kan said. “The 30-year fixed-rate averaged the lowest rate since September 2024. These lower rates prompted greater refinance activity from conventional and VA refinance borrowers, with increases of 29 percent and 26 percent, respectively.” Demand for loans to buy homes also increased, climbing 5 percent week-over-week. Home buyer demand is now 18 percent higher than last year at the same time. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
