Mortgage Rates Rise, Applications Drop
Update: 2025-12-17
Description
Mortgage rates surged despite the Feds rate cut, leading to a drop in home loan applications. The average 30-year fixed rate reached 6.38%, causing potential buyers and refinancers to pause. Investors anticipate the Feds rate-cutting period may end, driving the slight rate increase. Refinance applications fell by 4%, but remain higher than last year. New home purchase applications decreased by 3%, yet are still 13% above last years levels. Mortgage rates have started to decrease this week following employment data, with the upcoming inflation report set to influence future rate decisions.
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