Quality Services.

December 10 2025

Seasonally adjusted mortgage application activity rose 4.8% last week, according to MBA’s Weekly Mortgage Applications Survey for the week ending December 5. Unadjusted applications jumped 49% from the prior week, reflecting a rebound following the Thanksgiving-related slowdown. The Refinance Index surged 14% from the previous week and remains 88% higher than the same week one year ago—another strong year-over-year showing as borrowers respond to modest rate improvement, particularly in FHA products. Purchase activity was softer on a seasonally adjusted basis, slipping 2% from the prior week. Unadjusted purchase applications increased 32% week-over-week due to the holiday comparison and are running 19% above last year’s pace, supported by gradually improving affordability and inventory conditions. “Compared to the prior week’s data, which included an adjustment for the Thanksgiving holiday, mortgage application activity increased last week, driven by an uptick in refinance applications,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Conventional refinance applications were up almost 8 percent and government refinances were up 24 percent as the FHA rate dipped to its lowest level since September 2024. Conventional purchase applications were down for the week, but there was a 5 percent increase in FHA purchase applications as prospective homebuyers continue to seek lower downpayment loans. Overall purchase applications continued to run ahead of 2024’s pace as broader housing inventory and affordability conditions improve gradually.”

December 05 2025

Seasonally adjusted mortgage application activity edged 1.4% lower last week according to MBA’s Weekly Mortgage Applications Survey for the week ending November 28. Unadjusted applications were down sharply (33%) due to the holiday. The Refinance Index slipped 4% from the previous week but remains 109% higher than the same week one year ago—still a significant year-over-year improvement, even as borrowers appear to be waiting for lower rate levels before jumping in more aggressively. Purchase applications were more resilient, rising 3% seasonally adjusted. On an unadjusted basis, purchases fell 32% from the prior week (again largely driven by the holiday), but remain 17% above last year’s levels—a continued sign of underlying buyer demand supported by easing prices and gradually improving inventory conditions. The index is currently at the highest level since early 2023. “Mortgage rates moved lower in line with Treasury yields, which declined on data showing a weaker labor market and declining consumer confidence. The 30-year fixed mortgage rate declined to 6.32 percent after steadily increasing over the past month,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “After adjusting for the impact of the Thanksgiving holiday, refinance activity decreased across both conventional and government loans, as borrowers held out for lower rates. Purchase applications were up slightly, but we continue to see mixed results each week as the broader economic outlook remains cloudy, even as cooling home-price growth and increasing for-sale inventory bring some buyers back into the market.”

November 25 2025

Both the FHFA and the S&P/Cotality Case-Shiller home-price indices released new data this week. The message remains consistent: home prices are still higher than a year ago, but the pace of appreciation continues to slow. FHFA’s national index shows prices up 1.7% year-over-year and flat 0.0% month-over-month in September after August was revised to 0.0%. The stagnation in monthly movement reflects a clear deceleration taking hold across most regions. The Case-Shiller 20-City Composite posted a 1.4% annual gain in September, down from 1.6% in the previous month. On a seasonally adjusted basis, the 20-City Composite rose 0.1% month-over-month , consistent with the broader cooling trend as elevated mortgage rates continue to weigh on demand and affordability. Both indices point to similar conditions: slower appreciation, weaker monthly momentum, and home-price growth now trailing inflation. This shift further tightens affordability and underscores a market that has transitioned into a slower, more restrained phase of the cycle. Conforming Loan Limit Update (2026) The FHFA announced that the 2026 baseline conforming loan limit for one-unit properties is $832,750 , an increase of $26,250 from 2025. High-cost areas will see a limit of $1,249,125 , or 150% of the national baseline. These updates reflect slower—but still positive—home-price appreciation over the past year and will shape eligibility and pricing for conforming mortgages.