Mortgage Refinance Demand Plunges 21%, as Interest Rates Hit 3-Week High

October 1, 2025

CNBC, Oct. 1 2025-Diana Olick

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.46% from 6.34%, the Mortgage Bankers Association reported. Applications to refinance a home loan fell 21% for the week and were 16% higher than the same week one year ago.