According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down 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. Joel Kan, MBA’s vice president and deputy chief economist, said it was the sixth straight week rates declined. “Mortgage rates declined for the sixth consecutive week, with the 30-year fixed rate dropping to … the lowest level since October 2024,” Kan said. “As a result, applications increased over the week and were up 31 percent from one year ago.” The MBA’s Market Composite Index – which measures both purchase and refinance demand – saw an 11.2 percent increase week-over-week, with demand for loans to buy homes up 7 percent from the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
