The mortgage market is experiencing fluctuation, with a 1.1% rise in applications for the week ending June 20, 2025, following a previous decline. The Market Composite Index showed a 10% drop from the week prior on an unadjusted basis. Joel Kan from the MBA noted that while Treasury rates decreased slightly due to various economic factors, mortgage rates, particularly the 30-year fixed rate, reached 6.88%. Refinancing applications rose, driven by FHA loans, although conventional applications declined. Overall, mortgage activity remains unstable but offers varied insights into market trends.
"The combination of the ongoing conflict in the Middle East, current economic conditions, and last week's FOMC meeting resulted in slightly lower Treasury rates. However, mortgage rates still edged higher but remained in the same narrow range, with the 30-year fixed rate increasing to 6.88 percent last week," says Joel Kan, MBA's vice president and deputy chief economist.
"Applications increased slightly overall driven by FHA refinances, but conventional applications saw declines over the week," says Kan.
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