Mortgage applications declined slightly in the most recent weekly survey from the Mortgage Bankers Association.
As high mortgage rates weigh on prospective homebuyers, mortgage activity slowed last week as higher rates continued to weigh on demand. According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, total mortgage applications declined by 2% for the week ending March 21, 2025. Refinancing activity saw a sharper drop, falling by 5% from the previous week, though it was up by 63% from a year ago.
“Purchase applications saw the strongest weekly pace in almost two months and were 7 percent higher than a year ago. Last week’s purchase activity was driven primarily by a 6 percent increase in FHA applications, as the combination of loosening housing inventory and slowly declining mortgage rates have presented this segment of buyers with more opportunities,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Additionally, VA purchase applications saw a modest increase over the week. Overall applications declined, however, as refinance applications were down 5 percent to its lowest level in a month.”Read more
