According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week across most loan categories. Rates were down or unchanged 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. The decline brought rates to the lowest level since last September and helped pushed mortgage loan demand higher. Joel Kan, MBA’s vice president and deputy chief economist, says rates have been trending downward for weeks. “Mortgage rates decreased for the fourth consecutive week, with the 30-year fixed rate down to … its lowest level since September 2024,” Kan said. “This recent decline in rates spurred the second consecutive week of increased refinance activity, driven mainly by conventional refinance applications.” Purchase demand was also up, with home buyers pushing loan demand 5 percent higher than the week before and 20 percent higher than the same week one year ago. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
