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2h ago

Refinance Wave Lifts Mortgage Applications as 30-Year Rates Slip to Mid-6%

Mortgage pricing follows longer-term Treasury yields more than the headline Fed move.

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An aerial view of residential homes on Sept. 17, 2025 in Rancho Cucamonga, California. The 30-year fixed mortgage average rate dropped to 6.13 percent yesterday, the lowest mark since 2022, ahead of today’s Federal Reserve rate cut announcement. (Photo by Mario Tama/Getty Images)

Overview

  • The Mortgage Bankers Association reported total applications up 29.7% from a week earlier, driven by a 58% jump in refinances.
  • Freddie Mac said the 30-year fixed average fell to roughly 6.26%–6.35%, marking the lowest level in nearly a year.
  • MBA data show the average refinance loan size reached a record in the survey’s 35-year history as larger-balance borrowers moved first.
  • The Federal Reserve cut its policy rate by 0.25 percentage point this week, a widely anticipated move that was largely reflected in mortgage pricing.
  • Rates moved unevenly by region, with Arizona’s average 30-year rate rising about 15 basis points to around 6.3% as high prices and a cooler job market kept purchase demand in check.