Mortgage applications rose 11% in the week ending May 2, 2025, according to the Mortgage Bankers Association. Both refinance and purchase applications increased 11% week-over-week, with refinance activity up 51% compared to a year earlier. Economic uncertainty, including weak GDP and manufacturing data—contributed to a drop in mortgage rates, with the 30-year fixed rate falling a little lower from the week prior. Conventional purchase applications jumped 13%, while FHA and VA loan activity also saw gains. Most average mortgage rates dropped or remained steady, except for the 5/1 ARM, which ticked up slightly.
With mortgage rates trending in the right direction, there is certainly more opportunity for homebuying moving forward.
Source : mba.org