Mortgage applications increased by 1.1% for the week ending May 9, 2025, according to the Mortgage Bankers Association. This rise was driven primarily by a 2% increase in purchase applications, which are now 18% higher than the same week a year ago. In contrast, refinance activity dipped slightly by 0.4%, though it remains 44% above last year’s level. The growth in purchase applications was supported by a notable uptick in government-backed loans, which rose nearly 5% for the week and 40% year-over-year. According to MBA’s Chief Economist Mike Fratantoni, steadier mortgage rates and rising housing inventory helped fuel the increase in home buying activity, despite broader economic uncertainty. Average interest rates for 30-year fixed mortgages with conforming balances edged up slightly from the week prior. Meanwhile, the refinance share of total applications decreased to 36.4%, and the share of ARMs dropped to 7.4%. The FHA and VA shares of applications saw small increases, while USDA applications held steady.
Source : https://bit.ly/430GKcD
By: Jon Iacono