According to the Mortgage Bankers Association’s Weekly Application 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 15-year fixed-rate loans. Only rates for 5/1 ARMs saw a week-over-week increase. But while mortgage rates turned more favorable, it didn’t spur demand for loans, as both refinance and purchase activity were down from one week earlier. Joel Kan, MBA’s vice president and deputy chief economist, says demand for loans to buy homes is still ahead of last year. “Purchase applications remained ahead of 2025’s pace but were at its slowest weekly pace since April, and refinance activity was at its weakest since last June,” Kan said. Overall, demand was down 2.5 percent week-over-week. The MBA’s survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
