According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates fell again last week, as rates continued to ease after spiking earlier this year. Rates were down from the week before for 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Jumbo loans saw a slight increase from the previous week. Joel Kan, MBA’s vice president and deputy chief economist, says rates are now at a five-month low. “Mortgage rates continued to ease, with the 30-year fixed rate dipping to … the lowest level since February 2024,” Kan said. “Refinance applications were up, driven by conventional and FHA application activity, as some borrowers took the opportunity to act.” The refinance index is now 38 percent higher than last year at the same time. Purchase activity, on the other hand, is still lagging last year’s level, with demand for loans to buy homes 15 percent lower than last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
