A “Sale” sign for sale is on sale in Pasadena, California on March 5th, 2025.
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Last month, few mortgage fees were discovered. And wider concerns among consumers about the state of the economy continue to calm demand for mortgages.
The amount of total mortgage applications fell 1.6% compared to last week, according to the Mortgage Bankers Association’s Seasonally Adjusted Index.
The average contract interest rate for a 30-year fixed-rate mortgage with conforming loan balances fell from 6.71% to 6.70%, below $806,500, with points increasing from 0.62 to 0.62 including the origin fee for a 20% down payment loan.
Mortgage refinance applications fell 6% in a week, 57% higher than the same week a year ago. The total amount is very low, so the annual comparison is very large. The mortgage rate was 21 basis points higher in the same week as a year ago. Given how low the rate of the first few years of the Covid pandemic that caused a massive refinancing boom, there are valuable borrowers who can benefit from refinancing at current rates.
Mortgage applications to buy mortgages rose 2% a week, 9% higher than the same week a year ago. Demand from buyers was at its highest level since the end of January, with a 3% increase in traditional purchases. Demand for government loans, which low-income borrowers prefer, fell by 2%.
“We’re committed to providing a great opportunity to help you,” said Joel Kang, vice president and vice-chief economist at MBA.
Mortgage rates have fallen slightly this week, but they are still moving in a very narrow range as uncertainty about tariffs continues to speculate on the market.
