Seattle Real Estate News

Mortgage applications surged 11.2% last week, continuing a strong start to the spring homebuying season, according to the latest Mortgage Bankers Association (MBA) report. Falling mortgage rates have fueled demand, with the average 30-year fixed rate dropping to 6.67%, its lowest level since October 2024.

• Refinance applications soared 16% from the previous week, marking a 90% year-over-year increase.
• Purchase applications rose 7% seasonally adjusted, up 4% from last year.
• FHA purchase applications jumped 11%, while VA loan applications increased to 15.9% of total volume.
• Average loan size hit a record high of $460,800.

The March MCT Indices Report showed a 27.91% increase in mortgage lock volume, aligning with seasonal trends. Analysts expect continued strength in mortgage activity through March and April, with possible slowing in the summer.

Looking ahead, market watchers anticipate the Federal Reserve will hold rates steady in March and May, with a potential rate cut in June, depending on economic indicators like tariffs, Nonfarm Payroll, and inflation data.