Particle.news
Download on the App Store
3 ARTICLES
·
3w ago

Mortgage Rates Decline for Third Day, Refinance Rates Hit 3-Week Low

National averages for 30-year fixed loans drop to 6.78%, while refinance rates fall to 6.93%, reflecting recent downward trends in the mortgage market.

Image
Image
Image

Overview

  • The average 30-year fixed mortgage rate has decreased to 6.78%, marking a three-day decline from recent highs.
  • Refinance rates for 30-year fixed mortgages have reached 6.93%, their lowest level in nearly three weeks.
  • Mortgage demand remains subdued, with total application volume down 1.6% last week, according to the Mortgage Bankers Association.
  • Fannie Mae projects further rate declines, predicting 30-year mortgage rates will average 6.3% by the end of 2025 and stabilize at 6.2% in 2026.
  • State-level rate disparities persist, with refinance rates ranging from 6.77% to 7.08%, influenced by regional economic factors and lender competition.