All articles tagged with #loan applications
Mortgage rates rose to 6.65% for 30-year conforming loans, the highest since August 2025, pushing total mortgage applications down 2.7% for the week as purchase applications drop 7% while refinance activity climbs 4% to comprise about 43% of total applications. The rate move is linked to fuel prices and a softer inflation read, even as high home prices and slim affordable inventory continue to weigh demand.
The failure of Silicon Valley Bank and emergency measures taken to shore up the wider banking system drove a mad dash by investors to the safety of government bonds, resulting in a drop in yields on the Treasury notes that act as benchmarks for home loans. This pushed the average rate on 30-year fixed-rate mortgages down by 0.23 percentage point to 6.48% for the week ended March 17 from 6.71% the week before, the largest weekly drop since mid-November. The lower rates drove a jump in loan application volumes, with applications for both new purchases and refinancing of existing loans hitting a six-week high.