Rising Rates see Mortgage demand plunges; refinancing activities dip
Composite Index: -8.5% to 259.4 vs -2.3% to 283.5 prior week.
Purchase Index: -0.4% to 169.7 vs -4.1% to 170.4 prior week
Refinance Index: -18.1% to 753.7 vs -0.1% to 920.2 prior week.
30-year fixed-rate mortgages 6.65% compared to 6.56% last week.
“Overall, refinance applications accounted for 38% of applications, the lowest share since June 2025,” said Joel Kan, Mortgage Bankers Association’s vice president and deputy chief economist.
“The average loan size for a purchase application reached another survey high at $473,600, as borrowers with smaller loan sizes were less active given the higher rate environment and its negative impact on their purchasing power,” said Kan.