According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates moved higher last week across most loan categories, including 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increases caused a 2.7-percent decline in mortgage application demand, largely due to a drop in refinance activity. Demand for purchase loans was essentially flat week-over-week and 4 percent higher than last year at the same time. Joel Kan, MBA’s vice president and deputy chief economist, says rates are at their highest point in more than a year. “Mortgage rates moved higher last week, driven by ongoing investor concerns over inflation and the federal budget deficit,” Kan said. “The 30-year fixed rate increased to … the highest point since June 2025 and 36 basis points higher than a year ago.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
