According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week from the week before. Rates saw little movement across all loan categories, including 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. Demand for loan applications was also subdued, with refinance activity down 1 percent and purchase demand up 1 percent week-over-week. But despite the slow week, Joel Kan, MBA’s vice president and deputy chief economist says there’s some good news in the data. “Purchase applications remain ahead of 2025’s pace and have exhibited year-over-year growth for almost three months, as prospective home buyers are finding opportunities in markets with ample inventory and easing home-price growth,” Kan said. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
