Mortgage Market Snapshot: What This Week’s MBA Data Means for Homebuyers and Homeowners
Liz Gibbs

The latest Mortgage Bankers Association (MBA) data shows renewed momentum in the mortgage market, driven largely by refinances as rates hover near year-to-date lows. Whether you're buying, refinancing, or keeping an eye on market trends, this week’s numbers offer valuable insights into borrower behavior and where the market may be heading.

Market Snapshot (MBA Data)

According to the MBA, overall application activity increased last week, with refinances leading the way.

  • Total Mortgage Applications: +4.8% week-over-week
  • Refinance Applications: +14% week-over-week
  • Purchase Applications: -2% week-over-week
  • Refinance Activity: +88% year-over-year
  • Purchase Activity: +19% year-over-year

Takeaway: While purchase activity dipped slightly week-to-week, both purchase and refinance volume remain significantly higher than one year ago — a sign of strengthening borrower engagement.

Current Rate Environment

The average 30-year fixed mortgage rate is hovering near 6.2%, remaining close to this year’s lows. That stability continues to support both refinance inquiries and buyer activity despite ongoing affordability challenges.

Key Insight: Even small rate movements are triggering outsized swings in refinance demand, showing how rate-sensitive today’s borrowers are.

Product Mix Trends

  • Refinance Share: Approximately 54% of all applications
  • ARM Share: Around 9%
  • FHA Share: Trending modestly higher

Borrowers continue gravitating toward fixed-rate products for long-term stability, while rising FHA activity reflects growing affordability pressures in the purchase market.

What This Means for Mortgage Professionals

  • Refinance conversations matter again: Homeowners with rates in the mid- to high-6% range are increasingly exploring options.
  • Purchase demand is stabilizing: Year-over-year gains show that buyers are adjusting to the current rate environment.
  • Proactive outreach is paying off: Rate-watch lists, past-client follow-ups, and pipeline re-engagement efforts are producing meaningful results.

Recommended Strategy for the Week

  • Re-run refinance audits for loans closed in 2023–2024
  • Coach buyers on payment strategy, not just interest rates
  • Monitor MBA weekly data — momentum is shifting quickly as rates move

Looking Ahead

The market remains focused on inflation data, Treasury yields, and upcoming Federal Reserve guidance. Any sustained improvement in rate stability could help unlock additional purchase and refinance activity as we move further into the year.

Staying informed helps borrowers make confident decisions — and helps mortgage professionals stay ahead of emerging opportunities in a fast-moving market.