According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates were mostly flat last week with little movement seen for 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. Joel Kan, MBA’s vice president and deputy chief economist, says demand was also flat week-over-week. “Mortgage rates and applications changed little last week, with just a slight increase in refinances for conventional and VA loans, while FHA refinances were lower,” Kan said. “Borrowers with larger loan sizes remain less likely to refinance with rates at these higher levels. The average loan size on refinances continues to shrink, dipping to $282,200 last week, the lowest level since June 2025.” Overall, mortgage application demand was down 0.4 percent with refinance activity up 2 percent and demand for home purchase loans down 3 percent. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
