Mortgage applications jumped 11.2% for the week ending March 7, 2025, driven by a drop in the 30-year fixed mortgage rate, now at 6.67%—the lowest since October 2024. The refinance index soared 16%, indicating a 90% increase year-over-year, while the purchase index rose 7%. The overall activity showcases heightened demands as we approach the spring homebuying season, with various loan types witnessing growth, particularly FHA and VA applications. Average loan sizes reached a record of $460,800, highlighting the market's resilience despite fluctuating rates.
Mortgage applications surged by 11.2% last week, driven by a decline in the 30-year fixed mortgage rate, indicating renewed activity in homebuying and refinancing.
As we enter the spring homebuying season, the purchase index surpassed last year's numbers, highlighting ongoing growth in mortgage demand across all categories of loans.
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