According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from the week before. Rates were down 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. Joel Kan, MBA’s vice president and deputy chief economist, says rates are now at an almost one-year low. “Mortgage rates declined for the second consecutive week as Treasury yields moved lower on data indicating that the labor market is weakening,” Kan said. “The 30-year fixed rate decreased … over the past two weeks to the lowest since October 2024.” As a result, demand for mortgage applications spiked, with a 7 percent increase in purchase activity and a 12 percent bump in the refinance index. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
