According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were largely unchanged last week from the week before. Rates were flat for 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 all saw slight increases. Joel Kan, MBA’s vice president and deputy chief economist, says rates were flat but application demand still fell. “Mortgage rates changed little last week, with the 30-year fixed rate … close to where it has been for the past month, but lower than the recent peak in October 2023,” Kan said. “Applications decreased compared to a holiday-adjusted week, driven by a decline in purchase applications that offset a slight increase in refinance activity.” Also in the report, the average loan size last week was $444,100, the highest it’s been since May 2022. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
