US EditionMortgage demand drops for the third straight week, even as interest rates ease
- Mortgage loan applications declined for the third consecutive week ending May 30, 2025, despite mortgage rates falling slightly last week in the U.S.
- This decline followed a recent average 30-year fixed mortgage rate decrease to 6.92% after rising to 6.9% earlier in May, while borrowers awaited larger rate cuts.
- Purchase applications remained approximately 18% higher year-over-year with average purchase loan sizes steady near $444,000, while refinance applications dropped and their average loan size fell nearly 13%.
- MBA economist Joel Kan observed that refinancing declined in both conventional and government loan categories, with the average loan amount for refinancing reaching its lowest level since July 2024, as many borrowers await more substantial reductions in interest rates before proceeding.
- This pattern indicates cautious borrower behavior amid steady rates and expectations of further declines, leading to slower mortgage activity despite ongoing annual increases in purchase demand.
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