According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week from the week before, with rates for 30-year fixed-rate loans with conforming balances and loans backed by the Federal Housing Administration unchanged from one week earlier. Rates for jumbo loans moved lower week-over-week, while 15-year fixed-rate loans and 5/1 ARMs saw increases. With rates near four-year lows, demand spiked. In fact, demand for mortgage loan applications was up 11 percent from the week before. Joel Kan, MBA’s vice president and deputy chief economist, says both refinance and purchase activity rose. “Mortgage applications increased last week, driven by continued strength in refinance activity, as mortgage rates stayed near their lowest level since 2022,” Kan said. “Purchase applications also moved higher, with the week’s pace almost 10 percent ahead of last year’s pace, as lower rates and growing levels of housing inventory continue to support home buyer interest.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent all retail residential mortgage applications. (source)
