According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week 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. The declines were significant and dropped rates to the lowest level since May 2023. Joel Kan, MBA’s vice president and deputy chief economist, says demand spiked as a result. “Mortgage rates decreased across the board last week and mortgage application volume reached its highest level since January of this year,” Kan said. “As a result of lower rates, refinance applications increased across all loan types, particularly for VA loans, and were almost 60 percent higher than it was at this time last year and were at its highest level in two years.” Demand for purchase applications saw a more modest 1 percent bump week-over-week. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
