US Mortgage Rates Fall for 3rd Week: MBA

2026-01-21 12:06 By Joana Taborda 1 min. read

The average contract interest rate for 30-year fixed-rate mortgages on conforming loans of $806,500 or less in the US fell for a third consecutive week to 6.16% in the week ending January 16, marking a new low since September 2024, according to the Mortgage Bankers Association.

As a result, mortgage applications jumped 14.1%, following a 28.5% surge in the previous week.

Refinancing applications went up 20.4% and the purchase index increased 5.1%.

“Mortgage rates declined further last week, driving another big week for refinance applications, which saw the strongest level of activity since September 2025.

These lower rates prompted greater refinance activity from conventional and VA refinance borrowers, with increases of 29 percent and 26 percent, respectively.

Refinance applications accounted for more than 60 percent of applications, and the average loan size also moved higher”, said Joel Kan, MBA’s vice president.



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