US Mortgage Rates Edge Down: MBA

The average contract rate on 30-year fixed-rate mortgages for conforming loans of $806,500 or less in the US fell to 6.21% in the week ended January 30, compared to a four-week high of 6.24% in the previous period, according to the Mortgage Bankers Association. Still, mortgage applications declined 8.9%, extending an 8.5% drop in the previous week, with the winter storm taking a toll. Refinancing applications went down 4.7%, after a 15.7% drop and the purchase index tumbled 14.4% after decreasing 0.4%. “Winter Storm Fern likely had an impact as much of the country was snowed in, hampering homebuying activity. The annual increase in purchase applications was the weakest since April 2025", ” said Joel Kan, MBA’s VP.

The average contract rate on 30-year fixed-rate mortgages for conforming loans of $806,500 or less in the Us rose to 6.24% in the week ended January 23, marking its first increase in four weeks, from 6.16% in the prior period, which was the lowest level since September 2024, according to the Mortgage Bankers Association. As a result, mortgage applications declined 8.5% after soaring in the previous two weeks. Refinancing applications plunged 15.7% and the purchase index decreased 0.4%. “FHA refinance activity bucked the overall trend and increased, as FHA rates remained almost 20 basis points lower than conforming rates. With rates holding in the 6% range, the refinance market is likely to remain sensitive to week-to-week rate movements", said Joel Kan, MBA’s vice president.

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.