You can see a home for sale in Austin, Texas on April 24, 2025.
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Mortgage fees have risen to their highest level for the third consecutive week since January, but some home buyers have not been hampered.
According to the Mortgage Bankers Association’s Seasonal Adjustment Index, mortgage applications buying homes rose 2% compared to the previous week, 18% higher than the same week a year ago.
This increases from 6.92% to 6.98% from 6.92% to 0.67, including the average contract rate for a 30-year fixed-rate mortgage with conforming loan balances, under $806,500, with points reduced to 0.67 including the origin fee for a 20% down payment loan.
MBA economist Joel Kang said:
Applications for refinancing mortgages resulted in a stronger price increase, down 7% for the week. However, demand for refinances was 37% higher than the same week a year ago.
“Traditional refinancing has decreased by 6%, while VA refinancing has decreased by 16%,” Kan added.
After monthly reports on consumer trust, mortgage fees have been slightly lower, starting this holiday week.
“The consumer confidence index was stronger than expected, but one factor is concerning the labor market,” wrote Matthew Graham, chief operating officer of Mortgage News. “As work conditions drop, rates tend to fall, everything else equals. The underlying bond market has since improved, and some mortgage lenders have issued revised fees accordingly.”
