"Mortgage rates declined further last week, driving another big week for refinance applications, which saw the strongest level of activity since September 2025. The 30-year fixed rate averaged 6.16%, the lowest rate since September 2024, said Joel Kan, MBA's vice president and deputy chief economist. These lower rates prompted greater refinance activity from conventional and VA refinance borrowers, with increases of 29% and 26%, respectively. Refinance applications accounted for more than 60% of applications, and the average loan size also moved higher."
"The seasonally adjusted purchase index increased 5% from one week earlier. The unadjusted purchase index increased 12% compared with the previous week and was 18% higher than the same week one year ago. Purchase applications were also up over the week, fueled by an 8% increase in conventional loan activity, and were almost 18% higher than last year. The adjustable-rate mortgage (ARM) share of activity increased to 7.1% of total applications."
The seasonally adjusted purchase index rose 5% from the prior week, while the unadjusted purchase index rose 12% week-over-week and 18% year-over-year. Mortgage rates declined, with the 30-year fixed averaging 6.16%, the lowest since September 2024, driving the strongest refinance activity since September 2025. Refinance applications increased sharply, led by conventional and VA refis up 29% and 26%, and accounted for over 60% of applications as average loan size grew. Purchase applications increased, supported by an 8% gain in conventional loans and were nearly 18% higher than a year ago. ARM share rose to 7.1%.
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