Mortgage application volume jumped 11.2% during the week ended March 7, as the average rate for a 30-year fixed-rate mortgage fell to 6.67%, down from 6.73% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.
Mort of the increase was attributable to an increase in refinances, which surged 16% compared with the previous week and were up 90% compared with the same week one year ago.
Applications for purchases increased 7% compared with the previous week and were up 4% compared with the same week one year ago.
“Mortgage rates declined for the sixth consecutive week, with the 30-year fixed rate dropping to 6.67 percent, the lowest level since October 2024,” says Joel Kan, vice president and deputy chief economist for the MBA, in a statement. “As a result, applications increased over the week and were up 31 percent from a year ago.”
“As we enter the spring homebuying season, the purchase index was more than 4 percent higher than a year ago, and activity was up across all loan categories. Government purchase applications experienced an 11 percent increase – helped by the FHA rate dropping to 6.34 percent,” Kan says. “Additionally, average loan sizes were higher, with the purchase loan amount hitting $460,800, the highest in the survey dating back to 1990.”
The refinance share of mortgage activity increased to 45.6% of total applications, up from 43.8% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 7.2% of total applications.
Photo: Annika Wischnewsky
