Mortgage Rates Are Dropping – Don’t Miss Out!

March 14, 2025

A split-image featuring a mother and child moving into a new home on the left, and a cozy home office setup with a laptop and cat on the right, symbolizing home buying and refinancing opportunities. The text reads, "Is It Your Time to Buy or Refi?" highlighting the impact of dropping mortgage rates.

Big news! Mortgage rates are dropping, and tons of people are jumping in to take advantage. According to the Mortgage Bankers Association (MBA), mortgage applications shot up by 11.2% last week. Refinancing applications saw an even bigger jump—up 16% from the previous week and a massive 90% compared to this time last year!

Spring Homebuying is Heating Up!

With mortgage rates dropping, the housing market is picking up steam. More people are getting pre-approved and locking in lower rates before they rise again. Mortgage applications for home purchases went up by 7% last week and are now 4% higher than they were a year ago. If you’ve been thinking about buying, now’s the time to make a move!

“The decline in rates is giving a boost to affordability, and we’re seeing increased activity as a result,” said Bob Broeksmit, MBA’s president and CEO. “This is encouraging news for both buyers and homeowners looking to refinance.”

Interest Rates Keep Dropping

For seven weeks straight, mortgage rates have been dropping. Last week, Freddie Mac reported that the average 30-year fixed mortgage rate dropped from 6.76% to 6.63%, marking the biggest one-week drop since September.

What does that mean for you? More savings, lower payments, and better opportunities to buy or refinance.

Refinancing is on Fire!

If you’re a homeowner, this might be the perfect time to refinance. The share of refinance applications jumped to 45.6% of total mortgage activity, up from 43.8% the previous week. Adjustable-rate mortgages (ARMs) also ticked up slightly, making up 7.2% of all applications.

Additionally, the average loan size increased to $468,000—the highest ever recorded in MBA’s survey history, showing that buyers are taking advantage of the improved affordability to purchase higher-priced homes.

Some loan programs saw shifts too—VA loan applications increased, while FHA and USDA loan shares dipped slightly.

Don’t Wait – Act Now!

With interest rates this low, more buyers and homeowners are making moves. Whether you’re looking to buy your dream home or refinance for a better deal, now might be the perfect time to make a move before rates shift again.

Don’t miss out—reach out to a loan officer today and see how you can take advantage of this market!

Sources:
Mortgage Bankers Association (MBA) Weekly Survey
Freddie Mac Primary Mortgage Market Survey
Bob Broeksmit, MBA President and CEO
Scotsman Guide

Categories: helpful tips, Home Loan Information, Interest Rates, Rates, Refinancing