According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week for 30-year fixed-rate loans with conforming loan balances and 15-year fixed-rate loans. Jumbo loans, loans backed by the Federal Housing Administration, and 5/1 ARMs all saw slight declines. Still, rates remain elevated and that brought demand for mortgage applications down 3.7 percent last week from the week before. Joel Kan, MBA’s vice president and deputy chief economist, says demand for loans to buy homes was at its lowest level since last February. “Applications decreased last week as rising mortgage rates continued to discourage buyers from entering the market and put a damper on purchase activity,” Kan said. “Purchase applications declined for both conventional and government loans and dropped to the slowest weekly pace since February 2024.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
