A recent drop in mortgage interest rates has spurred a surge in loan demand, both from current homeowners and potential buyers. Mortgage application volume rose in the last week of February by 20.4%, marking the first significant increase in three weeks. The average rate for 30-year fixed-rate mortgages decreased to the lowest since December 2024. This decline was driven by negative consumer sentiment about the economy and uncertainty around new tariffs on imported goods.

Refinance applications jumped 37% compared to the previous week and were 83% higher than a year ago. Mortgage applications for home purchases rose 9%, but they remain just 2% higher than the same week last year. Joel Kan, a Mortgage Banker Association economist, said: “This is a period where we typically see purchase activity ramp up and purchase applications were up over the week and continued to run ahead of last year’s pace, more green shoots as we head into the spring homebuying season.”

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