Home-purchase mortgage applications rose 2.0% from 6.55 million in 2024 to 6.68 million in 2025, with 3.6 million loans originated, up from 3.52 million. The average mortgage rate fell to 6.4% in 2025. Nearly 80% of major metro areas saw increased applications, led by Decatur, IL, and Abilene, TX. Loan originations remained at 54% of applications, unchanged from 2024. Despite growth, activity is below pre-pandemic levels due to higher borrowing costs.
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