Mortgage applications fell by 3.9% for the third consecutive week, driven by rising mortgage rates that reached 6.89%, tied to increased Treasury yields and market speculation surrounding Freddie Mac and Fannie Mae. Despite the drop, yearly purchase applications are 18% higher. Refinancing activities decreased as potential borrowers await better rates, with the average loan size for refinancing at its lowest since July 2024. The 30-year fixed mortgage rates remain within a narrow range, reflecting a slight easing in pricing for both conforming and jumbo loan balances.
Mortgage applications have decreased for the third consecutive week, dropping 3.9% from a week earlier, according to the Mortgage Bankers Association.
Most mortgage rates moved lower last week, with the 30-year fixed rate declining to 6.92 percent and staying in the 6.8 percent to 7 percent range since April.
Mortgage applications decreased over the week but continue to exhibit annual gains, with purchase applications running 18 percent ahead of last year's place.
Overall refinance activity fell across both conventional and government segments and the overall average refinance loan size was the smallest since July 2024.
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