Average mortgage rates moved higher again last week, according to the Mortgage Bankers Association’s Weekly Application Survey. Rates were up week-over-week for 30-year fixed-rate loans with both conforming and jumbo balances, 15-year fixed-rate loans, and 5/1 ARMs. Only loans backed by the Federal Housing Administration saw a decline. Joel Kan, MBA’s vice president and deputy chief economist, says rates increased but so did mortgage demand. “Mortgage rates moved higher for the fourth consecutive week, with the 30-year fixed rate increasing … to its highest level since July 2024,” Kan said. “However, even with the uptick in rates, overall mortgage applications increased. The pickup in purchase applications was driven by conventional and FHA loans, with FHA purchase applications seeing a 7 percent increase.” Overall, demand from home buyers was up 2 percent week-over-week. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of retail residential mortgage applications. (source)
