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Mortgage Rates Hit 6.37%, Applications Plummet 5.2%

11/20/2025

23 1 Full Breakdown

Summary

Story summary

Mortgage rates rose to 6.37% for 30-year fixed-rate loans, the third consecutive weekly increase and the highest in four weeks.
The Mortgage Bankers Association reported a 5.2% drop in total mortgage application volume.
Applications for home purchases fell 2%.
Refinance requests decreased 7%.
Joel Kan, MBA Deputy Chief Economist, said purchase applications are 26% higher than last year and refinance requests are up 125% from the same period.

History

Historical Context

The 2008 mortgage crisis stemmed from a combination of deregulation and risky lending practices, leading to a significant rise in subprime mortgage delinquencies and foreclosures. By 2008, the U.S. government had to place Fannie Mae and Freddie Mac, which owned $5.1 trillion in mortgages, into conservatorship. This crisis prompted lasting changes in housing policies and increased scrutiny of lending practices.

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Story summary

Mortgage rates rose to 6.37% for 30-year fixed-rate loans, the third consecutive weekly increase and the highest in four weeks.
The Mortgage Bankers Association reported a 5.2% drop in total mortgage application volume.
Applications for home purchases fell 2%.
Refinance requests decreased 7%.
Joel Kan, MBA Deputy Chief Economist, said purchase applications are 26% higher than last year and refinance requests are up 125% from the same period.

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