According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates rose again last week. Rates were up from the week before across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increases led to falling demand for mortgage loans, though purchase application demand was down just 1 percent from the week before. Mike Fratantoni, MBA’s senior vice president and chief economist, says rates are now at their highest level in two years. “Mortgage rates vaulted higher last week, with the 30-year fixed rate at … the highest level since May 2024,” Fratantoni said. “Applications for both refinance and purchase loans declined further last week, noting that the comparison is to the week that included the Labor Day holiday.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
