According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down for 30-year fixed-rate loans with conforming loan balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Jumbo loans saw a slight increase.
Joel Kan, MBA's vice president and deputy chief economist, says it was the fourth consecutive week of declines. “Mortgage rates declined for the fourth consecutive week, with the 30-year fixed rate at … the lowest since April 2023,” Kan said. “Rates have now come down more than 80 basis points from a year ago.”
But despite more favorable rates, demand for mortgage applications was relatively flat last week, with the Market Composite Index – which measures both purchase and refinance activity – up just 0.5 percent from the week before. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.
[Source: MBA]
