Mortgage demand for both homebuying and refinancing reacted to yet another drop in mortgage rates, which are now down for the sixth straight week.

Mortgage applications rose sharply last week as interest rates continued their downward trend, marking the sixth consecutive week of declines, according to the Mortgage Bankers Association’s (MBA) latest Weekly Mortgage Applications Survey.

Today’s average mortgage rate on a 30-year fixed-rate mortgage is 6.6%, up 0.04 percentage point from the previous week, according to the Mortgage Research Center. Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage,

Total mortgage application volume jumped 20.4% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

After inching up for two days, 30-year mortgage rates edged lower Friday, moving back towards the 2025 low they notched early last week. Most other averages also fell.

The average US 30-year mortgage rate declined for a sixth straight week to the lowest level since early December, sparking a pickup in purchase and refinancing activity.

Mortgage rates are on a downward trend, with the average rate on a 30-year fixed mortgage dropping from around 6.9% to the 6.6% range over the last month. But a shaky economy will likely keep the housing market frozen for a while.

In recent weeks, mortgage rates have fallen ahead of the Federal Reserve’s March meeting, and the spring homebuying season is underway. Are rate cuts on the table for the year ahead, and how might factors

After the 2008 financial crisis, the housing market recovered fairly well, with mortgage rates remaining below 5% and competitive housing prices. However, the post-COVID housing market faces instability and long-lasting affordability concerns,