Compared with data from the previous week, mortgage applications decreased for the week ending Feb. 21, 2025, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. MBA's Market Composite Index, which measures mortgage loan application volume, showed a 1.2% decrease on a seasonally adjusted basis from a week earlier; unadjusted, the Index decreased by 4% compared with the previous week. Meanwhile, MBA's Refinance Index was down 4% from the previous week, which was 45% higher than the same week one year ago.
“Treasury yields moved lower on softer consumer spending data as consumers are feeling somewhat less upbeat about the economy and job market. This pushed mortgage rates lower, with the 30-year fixed rate decreasing to 6.88 percent, the lowest rate since mid-December,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Applications were about one percent lower for the week, which included the President’s Day holiday, as purchase applications stayed flat from a week ago while refinance applications saw a small decline. Purchase applications were up 3 percent from the same week last year. Increasing for-sale inventory in some markets has provided prospective buyers more options as we approach the spring homebuying season.” Read more