Overview
- Total mortgage application volume was essentially flat last week, down 0.4% from the prior week, according to the Mortgage Bankers Association.
- The MBA reported the average 30‑year conforming rate at about 6.77% while Freddie Mac's weekly measure fell to 6.65%, showing short‑term differences across surveys.
- Refinance applications rose 2% from the week before but remained roughly 18% below the same week a year earlier, and the average refinance loan size fell to $282,200—the lowest since June 2025.
- Purchase applications dropped about 2% week‑over‑week and were near 3% below last year as higher monthly payments push price‑sensitive buyers to delay purchases.
- Analysts say mortgage rates are tracking the 10‑year Treasury yield, which has been lifted by oil‑price and inflation pressures tied to the U.S.–Iran war and by Fed policy expectations, leaving future rate direction uncertain and the housing market split between starter buyers and higher‑end or cash buyers.