Buyers don't want to wait any longer..
Mortgage applications surged 20% last week, reaching their highest level since September 2024, according to new data from the Mortgage Bankers Association. The spike came after financial market volatility—driven largely by tariff concerns—briefly pushed mortgage rates lower, creating a rare window of opportunity for buyers and homeowners alike.
The average 30-year fixed rate dropped to 6.61%, the lowest since last October, prompting a 35% surge in refinance activity. Purchase applications also jumped 9% week-over-week and are now 24% higher than this time last year. Borrowers with larger loan balances moved quickly, driving the average refinance loan size to nearly $400,000—its second-highest level on record.
But that opportunity didn’t last long. By the start of this week, rates had already rebounded, with some lenders raising rates by as much as 25 basis points. This pattern reinforces a growing truth in today’s market: when rates drop, buyers jump.
If you've been waiting on the sidelines, this is your sign to move now—before the next rate hike. Demand is pent-up and returning fast the moment affordability improves, especially in destination markets like Palm Springs where inventory is tight and competition resurfaces quickly.
The smartest move you can make today? Get pre-approved. It’s the fastest way to put yourself in a position to act when the next rate dip hits—or better yet, to lock in while rates are still competitive.
If you are ready to apply click the link below to use my prefered lender, Cache Nies, otherwise feel free to reach out today and talk options.