Seasonally adjusted mortgage application activity edged 1.4% lower last week according to MBA’s Weekly Mortgage Applications Survey for the week ending November 28. Unadjusted applications were down sharply (33%) due to the holiday. The Refinance Index slipped 4% from the previous week but remains 109% higher than the same week one year ago—still a significant year-over-year improvement, even as borrowers appear to be waiting for lower rate levels before jumping in more aggressively. Purchase applications were more resilient, rising 3% seasonally adjusted. On an unadjusted basis, purchases fell 32% from the prior week (again largely driven by the holiday), but remain 17% above last year’s levels—a continued sign of underlying buyer demand supported by easing prices and gradually improving inventory conditions. The index is currently at the highest level since early 2023. “Mortgage rates moved lower in line with Treasury yields, which declined on data showing a weaker labor market and declining consumer confidence. The 30-year fixed mortgage rate declined to 6.32 percent after steadily increasing over the past month,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “After adjusting for the impact of the Thanksgiving holiday, refinance activity decreased across both conventional and government loans, as borrowers held out for lower rates. Purchase applications were up slightly, but we continue to see mixed results each week as the broader economic outlook remains cloudy, even as cooling home-price growth and increasing for-sale inventory bring some buyers back into the market.”

December 5, 2025 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.27% +0.03%   6.13% 7.26% 15 Yr. Fixed 5.76% +0.00%   5.6% 6.59% 30 Yr. Jumbo 6.40% +0.01%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Dec 5, 2025 Mortgage Rates Could See More Volatility Next Week Fri, Dec 5, 2025 4:06PM Average mortgage rates drifted slightly higher to end the week, though they remained under the levels seen on Monday and Tuesday. Even then, none of this week's movement was especially abrupt. That's interesting considering there was a decent amount of economic data throughout the week. It could be that the rate market is simply waiting for the heavier hitting events on the horizon. Next Tuesday's Job Openings data is on the watch list. It will be the first major October employment data from the Bureau of Labor Statistics (the same agency that publishes the big jobs report) since the end of t... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.27% +0.03 0.00 15 Yr. Fixed 5.76% 0.00 0.00 30 Yr. FHA 5.89% +0.03 0.00 30 Yr. Jumbo 6.40% +0.01 0.00 7/6 SOFR ARM 5.81% -0.01 0.00 30 Yr. VA 5.90% +0.03 0.00 Updates Daily - Last Update: 12/5 Freddie Mac Rate Change Points 30 Yr. Fixed 6.19% -0.04 0.00 15 Yr. Fixed 5.44% -0.07 0.00 Updates Weekly - Last Update: 12/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.32% -0.08 0.58 15 Yr. Fixed 5.73% -0.07 0.64 30 Yr. Jumbo 6.40% -0.09 0.40 Updates Weekly - Last Update: 12/3 UMBS 30YR 5.0 99.55 -0.08   95.05 100.11 UMBS 30YR 5.5 101.13 -0.05   97.47 101.40 10 YR Treasury 4.137 +0.039   3.932 4.780 Inconsequential Data and Modest Movement Fri, Dec 5, 2025 10:33AM If there's one resounding theme in the bond market this week, it's that trading momentum marched to its own beat with almost zero regard for the available economic data. While this was a notable disconnect on Wednesday (little reaction to ADP/ISM), it's fairly easy to reconcile on a day like today where the PCE data is super stale (delayed release from ... (read more) MBS Price Change UMBS 4.5 97.44 -0.14 UMBS 5.0 99.55 -0.08 UMBS 5.5 101.13 -0.05 GNMA 4.5 97.35 -0.09 GNMA 5.0 99.71 -0.03 GNMA 5.5 100.88 -0.05 Pricing as of: 12/5 6:57PM EST US Treasury Yield Change 2 YR Treasury 3.561 +0.040 5 YR Treasury 3.713 +0.039 7 YR Treasury 3.904 +0.036 10 YR Treasury 4.137 +0.039 30 YR Treasury 4.791 +0.038 Pricing as of: 12/5 6:57PM EST Other News Mortgage Apps Ebb Despite Strongest Purchase Demand in Years Fri, Dec 5, 2025 1:43PM Seasonally adjusted mortgage application activity edged 1.4% lower last week according to MBA’s Weekly Mortgage Applications Survey for the week ending November 28. Unadjusted applications were down sharply (33%) due to the holiday. The Refinance Index slipped 4% from the previous week but remains 109% higher than the same week one year ago—still a signific... (read more) Earned Equity, HELOC, CRM, AI Agent, DSCR Hedging Products; Conventional Conforming Changes Fri, Dec 5, 2025 11:45AM Recently I paid over $10 for a simple Oscar Mayer 12-ounce package of bacon. Jerome Powell, help me! Well, the U.S. Federal Reserve doesn’t set bacon prices, or things that come from China like rare earth metals, most of which I’ve never heard of but are apparently in my phone and car’s dashboard. Geopolitical tensions and export restrictions in China sendin... (read more) Latest Video Core inflation rate watched by Fed hit 2.8%, delayed September data shows, ... Rocket Companies' Dan Gilbert on housing affordability: The only thing that... Jobless claims slide to lowest level since September 2022 Watch CNBC's full interview with U.S. Commerce Secretary Howard Lutnick Around the Web CNBC Core inflation rate watched by Fed hit 2.8%, delayed September data shows, lower than expected University of Michigan Current versus Pre-Pandemic Long-Run Inflation Expectations Calculated Risk Blog PCE Measure of Shelter Declined to 3.7% YoY in September Calculated Risk Blog Q3 GDP Tracking: Mid 3% BEA Personal Income and Outlays, September 2025 Realtor.com Buyers Gain Negotiating Leverage on Sale Price as Home Listings Rise University of Michigan Consumer sentiment lifted 2.3 index points in early December Marketwatch Americans will spend a record $20 billion via buy-now-pay-later during the holidays. Calculated Risk Blog Q3 Update: Delinquencies, Foreclosures and REO CNBC Treasury yields inch lower as investors await delayed inflation data Calculated Risk Blog Cotality: House Price Growth Slowed to 1.1% YoY in October Calculated Risk Blog Wholesale Used Car Prices Increased in November; Unchanged Year-over-year US News US Factory Orders Rise Less Than Expected in September

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