The Great Rate Retreat: 6.3% and Counting

After months of rate whiplash, the market finally exhaled. The average 30-year fixed mortgage rate has fallen to 6.30%, the lowest since August 2024 — enough to wake up refinance clients who’ve been hibernating since last spring.

The Mortgage Bankers Association (MBA) reported total mortgage applications up 7.1% week-over-week, with refis surging 9% and an eye-popping 111% higher year-over-year. Purchase activity rose 5% weekly, 20% annually, as homebuyers re-engaged with a cooling market.

Borrowers are also turning away from ARMs — now below 10% market share — in favor of fixed-rate security.

Why it matters:
The refinance market is officially thawing, and purchase demand is warming up too. For homeowners who locked in at 7%+, now’s the time to explore their options — those small rate drops pack big monthly savings.

🐾 Ready to Make a Move?

Thinking about refinancing or buying soon? Let’s crunch the numbers and see what this rate shift could mean for you.

🔗 Sources: MBA Weekly Data (Oct 24 2025) • Reuters • HousingWire