Mortgage applications rose 2.7% for the week ending June 27, 2025, according to the Mortgage Bankers Association. The increase was driven primarily by a 7% gain in refinance applications, which are now 40% higher than a year ago. Purchase activity was nearly flat, inching up just 0.1%, though it remains 16% above last year’s level. Lower mortgage rates helped spur refinancing, with the average 30-year fixed rate dropping to its lowest point since April. The average refinance loan size rose to $313,700 and VA refinance activity jumped 22% from the prior week.
Overall, falling interest rates boosted refinancing, while purchase demand remains cautious but stronger than last year.
Source : mba.org