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Mortgage Rates Fall, Applications Decline Despite Refinance Surge

9/4/2025

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Summary

Story summary

Mortgage rates reached an 11-month low of 6.64%, yet total mortgage applications fell by 1.2%.
Refinance applications increased by 1%, primarily due to FHA and VA loans, while conventional refinances decreased.
Purchase applications declined by 3%, ending a four-week rise, but are still 17% higher than last year.
The refinance share of total applications rose to 46.9%.

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Story summary

Mortgage rates reached an 11-month low of 6.64%, yet total mortgage applications fell by 1.2%.
Refinance applications increased by 1%, primarily due to FHA and VA loans, while conventional refinances decreased.
Purchase applications declined by 3%, ending a four-week rise, but are still 17% higher than last year.
The refinance share of total applications rose to 46.9%.