According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week to the lowest level so far this year. Rates were down from one week earlier 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. The improvement helped push demand for home purchase loans 9 percent higher week-over-week. It also drove up refinance activity, which spiked 37 percent higher than the week before. Joel Kan, MBA’s vice president and deputy chief economist, says economic uncertainty has caused rates to decline. “Mortgage rates declined last week on souring consumer sentiment regarding the economy and the increasing uncertainty over the impact of new tariffs levied on imported goods into the U.S.,” Kan said. “Those factors resulted in the largest weekly decline in the 30-year fixed rate since November 2024 … The rate is now at its lowest level since December 2024.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
