Overview
- Freddie Mac reported the 30-year average at 6.06% for the week ending Jan. 15, with the 15-year at 5.38%, the lowest since September 2022.
- Refinance applications jumped 40% and accounted for 60% of all loans, while purchase applications rose 16%, according to Mortgage Bankers Association data.
- President Trump directed $200 billion in agency mortgage-backed securities purchases, and FHFA Director William Pulte said an initial $3 billion round has started.
- Market experts stressed that mortgage rates are set by bond markets and 10-year Treasury yields, warning the impact may be modest without sustained MBS demand.
- Affordability remains tight as prices stay elevated, with December’s median existing-home price near $405,400 and many markets still above typical affordability.