Monthly Archives: July 2025

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell across all loan categories last week. Rates were down from the week before 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. Joel Kan, MBA’s vice president and deputy chief economist, says rates are now at an almost three-month low. “Mortgage rates were lower across all loan types last week, with the 30-year fixed rate declining to its lowest level since April …,” Kan said. “This decline prompted an increase in refinance applications, driven by a 10 percent increase in conventional applications and a 22 percent increase in VA refinance applications.” Demand for loans to buy homes, on the other hand, was flat week-over-week, registering a 0.1 percent increase. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)

Typically, prospective home buyers are advised that no more than 28 percent of their income should go toward their mortgage. That’s been the established standard. A house that consumes 28 percent or less of your household income is considered comfortably affordable, meaning you’d likely have no trouble handling its costs and expenses as well as your other financial obligations. These days, though, can a home buyer expect to find a home that meets that standard of affordability? Well, according to ATTOM Data Solutions’ most recent Home Affordability Report, it may be a challenge. The group found the costs associated with a median-priced home now consume 33.7 percent of the average American’s income – a slight increase from 32 percent during the first quarter of this year and almost 6 percent more than the recommended share. Rob Barber, ATTOM’s CEO, says summer buyers should be prepared. “The squeeze is really on for would-be buyers as we go into the summer, which is usually when the housing market is most active,” Barber said. (source)