Seasonally adjusted mortgage application activity rose 4.8% last week, according to MBA’s Weekly Mortgage Applications Survey for the week ending December 5. Unadjusted applications jumped 49% from the prior week, reflecting a rebound following the Thanksgiving-related slowdown. The Refinance Index surged 14% from the previous week and remains 88% higher than the same week one year ago—another strong year-over-year showing as borrowers respond to modest rate improvement, particularly in FHA products. Purchase activity was softer on a seasonally adjusted basis, slipping 2% from the prior week. Unadjusted purchase applications increased 32% week-over-week due to the holiday comparison and are running 19% above last year’s pace, supported by gradually improving affordability and inventory conditions. “Compared to the prior week’s data, which included an adjustment for the Thanksgiving holiday, mortgage application activity increased last week, driven by an uptick in refinance applications,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Conventional refinance applications were up almost 8 percent and government refinances were up 24 percent as the FHA rate dipped to its lowest level since September 2024. Conventional purchase applications were down for the week, but there was a 5 percent increase in FHA purchase applications as prospective homebuyers continue to seek lower downpayment loans. Overall purchase applications continued to run ahead of 2024’s pace as broader housing inventory and affordability conditions improve gradually.”

December 10, 2025 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.30% -0.05%   6.13% 7.26% 15 Yr. Fixed 5.80% +0.01%   5.6% 6.59% 30 Yr. Jumbo 6.45% +0.00%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Dec 10, 2025 Mortgage Rates Improve After Fed Announcement Wed, Dec 10, 2025 4:02PM The Fed cut its policy rate by 0.25% today and mortgage rates moved lower after the announcement. That said, those two developments are not related. In fact, there was no movement in the bonds that underlie mortgage rates when the rate cut was announced. Instead, the market (and rates) moved in response to Fed Chair Powell's press conference. While there is a mistaken belief that such press conferences "always" result in upward pressure on rates, today shows they can go both ways. Key comments that may have helped: Powell: Job gains could have been overstated in recent months Powell: Growi... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.30% -0.05 0.00 15 Yr. Fixed 5.80% +0.01 0.00 30 Yr. FHA 5.90% -0.03 0.00 30 Yr. Jumbo 6.45% 0.00 0.00 7/6 SOFR ARM 6.02% +0.01 0.00 30 Yr. VA 5.92% -0.03 0.00 Updates Daily - Last Update: 12/10 Freddie Mac Rate Change Points 30 Yr. Fixed 6.19% -0.04 0.00 15 Yr. Fixed 5.44% -0.07 0.00 Updates Weekly - Last Update: 12/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.32% -0.08 0.58 15 Yr. Fixed 5.73% -0.07 0.64 30 Yr. Jumbo 6.40% -0.09 0.40 Updates Weekly - Last Update: 12/3 UMBS 30YR 5.0 99.49 +0.07   95.05 100.11 UMBS 30YR 5.5 101.09 +0.04   97.47 101.40 10 YR Treasury 4.125 -0.025   3.932 4.780 Here's What Changed in The New Fed Announcement Wed, Dec 10, 2025 2:00PM Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up but remained low through August; more September. More recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated. ... (read more) What to Watch in Today's Dot Plot Wed, Dec 10, 2025 10:14AM Bonds were modestly weaker overnight, but have moved back into positive territory after this morning's Employment Cost Index and NYSE. This means 10yr yields are at the bleeding edge of the 3-month range heading into this afternoon's Fed announcement. The rate cut is about as close to a foregone conclusion as normal, so the focus remains squarely on ... (read more) MBS Price Change UMBS 4.5 97.45 +0.10 UMBS 5.0 99.49 +0.07 UMBS 5.5 101.09 +0.04 GNMA 4.5 97.25 +0.08 GNMA 5.0 99.70 +0.06 GNMA 5.5 100.86 +0.04 Pricing as of: 12/11 12:58AM EST US Treasury Yield Change 2 YR Treasury 3.528 -0.016 5 YR Treasury 3.711 -0.023 7 YR Treasury 3.905 -0.026 10 YR Treasury 4.125 -0.025 30 YR Treasury 4.765 -0.017 Pricing as of: 12/11 12:58AM EST Other News Mortgage Apps Bounce Back, Led By Refi Reversal Wed, Dec 10, 2025 3:52PM Seasonally adjusted mortgage application activity rose 4.8% last week, according to MBA’s Weekly Mortgage Applications Survey for the week ending December 5. Unadjusted applications jumped 49% from the prior week, reflecting a rebound following the Thanksgiving-related slowdown. The Refinance Index surged 14% from the previous week and remains 88% higher th... (read more) DPA, Quick HELOC, Non-QM, Processing, AI Tools; Assumable Mortgages? Homebuyer Age Study Wed, Dec 10, 2025 11:55AM Somewhere, in a parallel universe, Mariah Carey is walking around some supermarket, sick of listening to me sing Christmas carols. This is, of course, a humorous assumption, but what isn’t so humorous is the discussion begun by the Trump Administration about assumable mortgages, arguably the bane of MBS investors. Locked-in mortgage rates and frozen inventor... (read more) Latest Video Fed Chair Powell: Housing market faces significant challenges Fed Chair Powell: We are well positioned to wait and see how the economy ev... Former Fed Vice Chair Alan Blinder on what’s at stake for the Fed’s rate cu... Fed Chair Powell: Job creation may actually be negative Around the Web CNBC Divided Fed approves third rate cut, sees slower pace ahead Calculated Risk Blog FOMC Projections: GDP and Unemployment Revised Up; Inflation Down CNBC Fed meeting live updates: Markets want Powell to signal multiple rate cuts ahead in 2026 Realtor.com House Republicans Strip Bipartisan Bill on Housing Affordability From Must-Pass Legislation CNBC Student loan borrowers have 'a limited time' to leave payment pause. Here are their options CNBC Walmart and Alquist strike landmark deal, jump-starting 3D-printed commercial real estate BLS EMPLOYMENT COST INDEX – SEPTEMBER 2025 Calculated Risk Blog MBA: Mortgage Applications Increase in Latest Weekly Survey BLS JOB OPENINGS AND LABOR TURNOVER – OCTOBER 2025 Calculated Risk Blog 1st Look at Local Housing Markets in November CNBC Treasury yields inch higher as Fed rate cut decision comes into focus Calculated Risk Blog Lawler: More on the Neutral Interest Rate (R*) Eye on Housing Construction Labor Market Stable

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