According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates decreased to start the new year. Rates were down across most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans.
Joel Kan, MBA’s vice president and chief economist, says rates are now lower than they’ve been in more than a year. “Mortgage rates started the new year with a decline to … the lowest level since September 2024.” Kan said. “Refinance applications were up 7 percent for the week but were at a slower pace than in the weeks leading up to the holidays. MBA continues to expect mortgage rates to stay around current levels, with spells of refinance opportunities in the weeks when rates move lower.” Purchase applications were 10 percent higher year-over-year but down 6 percent from two weeks earlier. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.
[Source: Mortgage Bankers Association]
