"The downward rate movement spurred the strongest week of borrower demand since 2022, with both purchase and refinance applications moving higher. Purchase applications increased to the highest level since July and continued to run more than 20 percent ahead of last year's pace."
"The holiday-adjusted refinance index had its strongest week in a year and the average loan size for refinances also increased significantly, since borrowers with large loans are more sensitive to bigger rate moves. Refinance applications accounted for almost 49 percent of all applications last week."
Mortgage rates have edged lower recently, with the 30-year fixed rate falling to 6.49%, its lowest level since last October. Loan applications rose 9.2% on a seasonally adjusted weekly basis, while refinancing applications increased 12% week-over-week and were 34% higher than the same week a year earlier. Purchase applications hit their highest level since July and ran more than 20% ahead of last year's pace. The holiday-adjusted refinance index recorded its strongest week in a year, average refinance loan sizes increased, and refinances made up about 49% of all applications. Homeowner willingness to accept rates up to 6.0% climbed from 41% in Q1 2025 to 52% by Q3. Despite the recent decline, the 30-year fixed rate remains roughly 20 basis points above last year's level.
Read at Fast Company
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