Weekly mortgage data came in with a pretty mixed picture.
The average 30-year fixed rate for conforming loans ($806,500 or below) ticked down to 6.32%, from 6.40% the week prior.
Despite lower rates, refinance applications fell 4%, which probably says a lot about how few homeowners actually benefit at these levels.
On the other hand, purchase applications rose 3%, suggesting buyers are slowly stepping back in as monthly payments improve though affordability remains tight in most markets.
Overall, rates drifting lower is good news, but the demand response is still pretty uneven. It feels like the market is waiting for a more meaningful drop before we see a real shift in behavior.
Source: https://www.cnbc.com/2025/12/03/mortgage-rates-finally-moved-lower-last-week-but-that-didnt-do-much-for-demand.html?__source=androidappshare
