Mortgage rates stayed unchanged last week, giving homebuyers and current homeowners little reason to contact lenders or make a move. The average rate for a 30-year fixed mortgage remained at 6.77% for loans with conforming balances of $832,750 or less, according to the Mortgage Bankers Association (MBA).
Conventional and VA loan refinances increased slightly, while applications to refinance FHA loans declined, MBA Vice President and Deputy Chief Economist Joel Kan said. Kan said borrowers with larger loan amounts are less likely to refinance while mortgage rates remain at these higher levels, according to CNBC. The average size of refinance loans also continued to fall. It dropped to $282,200 last week, the lowest level since June 2025, Kan said.
Mortgage rates started moving slightly higher again this week, according to a separate survey from Mortgage News Daily. This means homebuyers are still facing a difficult market, with borrowing costs remaining high and little improvement in mortgage rates to encourage them to make a purchase.
For current homeowners, the lack of a major drop in rates also means there is still limited benefit from refinancing, especially for people with larger mortgages. Overall, the latest data shows that mortgage rates around 6.77% are keeping both buyers and refinancers cautious, while affordability remains a major issue in the US housing market.
Durva More is a Senior Content Producer at Hindustan Times, where she covers finance, and global news. She brings experience across digital and television journalism, with a strong focus on breaking news, business reporting, and international affairs. Before joining Hindustan Times, Durva worked as an International News Writer at The Economic Times, covering a diverse range of subjects including global politics, business, sports, entertainment, and major world events. She also worked as a Business Reporter with NDTV Profit. A postgraduate diploma holder in Journalism from the Asian College of Journalism, Durva is passionate about field reporting and storytelling. She thrives on the adrenaline of chasing stories, speaking with people from different walks of life, and amplifying voices that deserve to be heard. Her reporting is driven by curiosity, accuracy, and a commitment to making complex subjects accessible to readers. When she is not chasing stories or covering breaking news, Durva enjoys reading books and painting. She loves exploring new ideas, meeting people, and learning about different perspectives. For her, both journalism and art are ways to understand the world and tell stories that matter.Read More
