Obvious Signs of Life in Mortgage Apps Thanks to Rate Rally

Mortgage applications jumped 9.2% last week, according to the Mortgage Bankers Association’s survey for the week ending September 5, 2025. The results included an adjustment for the Labor Day holiday. “ Mortgage rates declined for the second consecutive week as Treasury yields moved lower on data indicating that the labor market is weakening. The 30-year fixed rate decreased to 6.49 percent, down 20 basis points over the past two weeks to the lowest since October 2024,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The downward rate movement spurred the strongest week of borrower demand since 2022, with both purchase and refinance applications moving higher. Purchase applications increased to the highest level since July and continued to run more than 20 percent