MBA Weekly Survey: Mortgage Rates Hold Steady as Buyer Demand Stays Strong Year-Over-Year

According to the latest Mortgage Bankers Association (MBA) Weekly Applications Survey, average mortgage rates were virtually unchanged last week across most loan programs — a positive sign for prospective buyers watching rate volatility closely. Conforming 30-year fixed mortgages, FHA loans, and 15-year fixed rates held steady, while jumbo loans and 5/1 ARMs experienced slight increases.

Despite a week-over-week pullback, overall mortgage demand is still significantly higher than this time last year. Joel Kan, MBA’s vice president and deputy chief economist, noted that purchase applications fell for the third consecutive week but remain 20% higher year-over-year, as rising housing inventory in select markets continues to attract motivated buyers.

Refinance activity also remains strong. Refi volume is currently up 59% compared to the same week in 2024, driven largely by homeowners capitalizing on rate dips and equity opportunities.

“Mortgage applications were lower than the week before, as conventional and VA applications saw declines,” Kan said. “Purchase applications declined for the third consecutive week but remained 20 percent ahead of last year’s pace as improving inventory conditions in certain markets continue to maintain home buyer interest.”

The MBA has published this survey since 1990 and tracks 75% of all U.S. retail residential mortgage applications, making it one of the most trusted forward-looking indicators of real estate and rate momentum.

Bottom Line for Buyers & Homeowners

• Rates are stable, not spiking — a welcomed shift after recent volatility.

• Buyer demand is still strong, especially compared to last year.

• Refinance opportunities remain attractive for those who haven’t yet optimized their mortgage.

• Improving inventory in key markets is keeping purchase momentum alive.

If you’re considering buying, refinancing, or getting pre-approved, now is still a strategic time to speak with a mortgage expert before the next rate move.