US Mortgage Rates Steady Last Week: MBA

The average contract rate on 30-year fixed-rate mortgages for conforming loans of $806,500 or less in the US was unchanged at 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. Mortgage applications edged down 0.3%, with purchase applications falling 2.4% while those to purchase a home went up 1.2%. “FHA purchase and refinance applications increased, helped partially by the FHA rate declining and remaining 20 basis points lower than the conforming 30-year fixed rate. Borrowers are increasingly utilizing FHA loans as affordability challenges remain, despite recent improvements”, said Joel Kan, MBA’s vice president.

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.