Overview

• The average rate for 30-year fixed mortgages for new purchases has decreased to 6.83%, down from a six-week high of 6.84%.
• Refinance rates for 30-year fixed mortgages have edged lower to 6.96%, staying below 7% but above recent lows.
• Mortgage applications for home purchases rose by 1% week-over-week, marking their highest level in nearly two months.
• Refinance applications fell by 5% week-over-week, reaching their lowest level in a month as fewer homeowners benefit from current rates.
• The Federal Reserve held the federal funds rate steady at its March 19 meeting, signaling only two additional quarter-point cuts are expected for the rest of 2025.