Overview
- Zillow pegs the average 30-year mortgage rate at roughly 5.87% this week, with typical 15-year offers near 5.25%, keeping borrowing costs in the mid‑5% to low‑6% range.
- MBA data for the week ending Feb. 13 show total applications up 2.8% as refinance filings rose 7% week over week and 132% year over year, with the average 30‑year contract rate easing to 6.17%.
- Purchase activity slipped 3% on a seasonally adjusted basis but was modestly higher than a year ago on an unadjusted basis, and the refinance share climbed to 57.4% of applications.
- January existing‑home sales fell to a 3.91 million annual rate, down 8.4% from December, with analysts citing harsh weather and the lock‑in effect even as NAR’s affordability measure reached its best level since 2022.
- Markets assign low odds to a March Fed cut, according to CME FedWatch, though expectations are firmer for spring or early summer, and local lenders report strong regional responses to lower rates, including a roughly 60% yearly jump in applications in Northeast Florida.