As the year came to a close, both mortgage and refinance applications fell
Jan. 2, 2025
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Mortgage loan applications fell at the end of the year.
Mortgage applications declined during the holiday season as potential buyers put plans on hold. According to the Mortgage Bankers Association, application volume dropped by 21.9% during the week ending Dec. 27, 2024, compared with the same time frame two weeks earlier. Similarly, refinancing applications fell by 36% over the same period, though they remained 10% higher than one year ago.
“Mortgage rates moved higher through the last full week of 2024, reaching almost 7 percent for 30-year fixed-rate loans,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “Not surprisingly, this increase in rates – at a time when housing activity typically grinds to a halt – resulted in declines in both refinance and purchase applications.”Read more
