Mortgage Applications Surge 11% as Rates Drop to Lowest Level Since October

A six-week decline in mortgage rates to 6.67% has driven a sharp increase in both refinancing and home purchase applications.

The average 30-year fixed mortgage rate fell to 6.67%, its lowest point since October 2024, marking six consecutive weeks of declines.
Total mortgage applications increased by 11.2% on a seasonally adjusted basis last week, according to the Mortgage Bankers Association.
Refinance applications jumped 16% from the previous week and were 90% higher than the same period last year, though overall volumes remain low.
Applications for home purchases rose 7% weekly and 4% year-over-year, with government-backed loans like FHA seeing an 11% increase as rates dropped to 6.34%.
The spring homebuying season is seeing heightened activity, with average purchase loan sizes reaching a record $460,800.