Overview
- Freddie Mac reported the 30-year fixed mortgage averaged 6.09% for the week of Feb. 12, with other trackers showing small variations such as Bankrate at 6.16% and Zillow near 5.9%.
- Total mortgage applications were essentially flat for the week ending Feb. 6, with the MBA index down 0.3% and the seasonally adjusted purchase index off 2% week over week.
- Borrowers leaned into lower-cost products as the FHA share rose to 18.4% and ARMs to 8%, with MBA noting FHA rates roughly 20 basis points below conforming loans and ARM rates nearly a point under fixed.
- Refinance activity increased 1% from the prior week and was about 101% higher than a year earlier, reflecting savings opportunities created by the drop from 2025 levels.
- Economists cite the 10-year Treasury yield near 4.1% and incoming inflation data as the next cues for rate direction, while improved affordability and steady rates have lifted purchase applications year over year despite tight inventory.