The “For Sale” sign stands at a home in Miami, Florida on April 16, 2025.
Marco Bello | Reuters
After a few weeks of narrow shifts, mortgage rates clearly rose last week. This reduced mortgage applications by 5.1% compared to the previous week, according to the Mortgage Bankers Association’s Seasonally Adjusted Index.
The average contract rate for a 30-year fixed-rate mortgage with conforming loan balances rose from 6.86% to 6.92%, below $806,500, and rose from 0.69 to 0.69, including the origin fee for a 20% down payment loan. That rating was just nine basis points in the same week a year ago.
“We are pleased to announce that Mike Fratantoni, MBA’s Senior Vice President and Chief Economist,” said:
Mortgage applications to buy homes where mortgages were on the rise for weeks fell 5% in a week, 13% higher than the same week a year ago. Home buyers see more listings in far more markets than they did a few months ago, but higher interest rates have raised concerns about the economy and inflation situation, which usually chills the busy spring season.
Mortgage refinance applications also fell 5% in a week, 27% higher than the same week a year ago. The rates are now roughly the same as a year ago, and even two years ago there are increasingly fewer and fewer borrowers who can make a profit from refinancing.
