Overview

• Applications to refinance jumped about 58% from the prior week and roughly 70% from a year ago, lifting refinances to nearly 60% of total mortgage activity, MBA data show.
• Average 30-year mortgage quotes slid into the low‑6% range, with readings of 6.39% (MBA), 6.35% (Freddie Mac) and 6.13% (Mortgage News Daily), marking multi‑year lows.
• Adjustable‑rate mortgages captured 12.9% of applications, the highest share since 2008, with initial ARM rates about 0.75 percentage point below 30‑year fixed loans, according to the MBA.
• The Federal Reserve cut its policy rate by a quarter point to 4.00%–4.25% and projected more easing this year, though mortgage pricing is tied more closely to the 10‑year Treasury yield.
• Borrowers most likely to benefit now include homeowners with loans above 7% from 2023–2024, large balances, strong credit and at least 20% equity, but savings must be weighed against closing costs and timing risk.