According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 4, 2025, U.S. mortgage applications jumped 20.0% compared to the previous week.
The Market Composite Index, which measures total mortgage loan application volume, rose 20.0% on a seasonally adjusted basis and also increased 20% on an unadjusted basis.
Refinancing activity saw a substantial boost. The Refinance Index climbed 35% from the prior week and was 93% higher than the same week last year. Meanwhile, the seasonally adjusted Purchase Index rose 9%, and the unadjusted Purchase Index increased 10% week-over-week, marking a 24% year-over-year gain.
“Mortgage applications surged to their highest level since September 2024,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “This increase was fueled by both purchase and refinance demand during a week marked by economic uncertainty and falling rates. The 30-year fixed mortgage rate dropped to 6.61%, the lowest since October 2024. Borrowers acted quickly to take advantage of the lower rates–pushing the purchase index to its strongest pace since January 2024 and refinance activity to its highest level in six months. The average refinance loan size also rose sharply, reaching $399,600, the second-highest ever recorded in the survey.”
In all categories, the effective interest rates declined compared to the prior week.
Additional highlights from the survey include:
Refinance share of mortgage activity rose to 43.6% from 38.6% the previous week.
Adjustable-rate mortgage (ARM) share increased to 8.6% of total applications.
FHA applications grew to 16.3% from 15.8%, and VA applications rose to 15.7% from 14.4%. The USDA share held steady at 0.5%.
Interest Rates Overview (for 80% Loan-to-Value loans):
30-year fixed (conforming, ≤$806,500): Rate fell to 6.61% from 6.70%; points increased to 0.63 from 0.62.
30-year fixed (jumbo, >$806,500): Rate declined to 6.65% from 6.76%; points decreased to 0.42 from 0.49.
30-year fixed (FHA-backed): Rate edged down to 6.33% from 6.37%; points decreased to 0.75 from 0.81.
15-year fixed: Rate decreased to 5.93% from 6.04%; points increased to 0.64 from 0.61.
5/1 ARM: Rate dropped to 5.93% from 6.04%; points fell to 0.29 from 0.57.
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