According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week across most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 5/1 ARMs. Joel Kan, MBA’s vice president and deputy chief economist, says, despite the improvement, last month’s rate bump still has buyers feeling uncertain. “Purchase applications were 7-percent lower on a year-over-year basis, the first annual decline since January 2025,” Kan said. “However, certain loan types and geographic segments are faring better than others because of lower rates on ARM and FHA loans, as well as growing housing inventory in some local markets.” Overall, demand for mortgage applications was down less than one percent, with purchase loans rising 1 percent week-over-week and refinance activity down 3 percent. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
