Even with rates staying high, home loan applications rose nearly 6% last week—the busiest since September, the Mortgage Bankers Association said. Refinancing applications made up about 56% of all mortgage applications last week, a slight dip from the previous week but still robust.
The housing market has struggled under the weight of higher borrowing costs, with sales of previously occupied homes hitting a three-decade low last year.
However, existing-home sales posted a 1.5% gain in September, reaching a seasonally adjusted annual rate of 4.06 million units. It’s the highest since February, suggesting that even modest rate declines can spur activity among both buyers and refinancers.
Meanwhile, nearly eight in 10 US metro areas saw home prices rise in the third quarter of 2025, as the market continued to grapple with affordability pressures and uneven regional trends.
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.