According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week. In fact, rates were down from the week before 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. Mike Fratantoni, MBA’s SVP and chief economist, says rates are now at their lowest level since last September. “Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall,” Fratantoni said. “As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time home buyers.” As it is, lower rates spurred demand for mortgage applications, with overall demand up nearly 30 percent and demand for home purchase loans up 25 percent week-over-week. The MBA’s survey has been conducted weekly since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
