The average contract interest rate on 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) in the US was at 6.33% in the week to December 5th, little changed from 6.32% in the previous period which was the lowest in four weeks, according to the MBA. Mortgage applications jumped 4.8%, the biggest rise in six weeks, led by a 14.3% jump in refinancing applications, which more than offset a 2.4% drop for those to purchase a home. “Conventional purchase applications were down for the week, but there was a 5 percent increase in FHA purchase applications as prospective homebuyers continue to seek lower downpayment loans,” said Joel Kan, an MBA economist. Meanwhile, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) increased to 6.46% from 6.4%. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.08%, the lowest level since September 2024, from 6.12%.