The average contract rate on 30-year fixed-rate mortgages for conforming loans of $806,500 or less in the US held at 6.09% in the week ended February 27th, 2026, matching the prior week and remaining at its lowest level since 2022, according to the Mortgage Bankers Association.
Mortgage applications jumped 11% after a 0.4% gain in the previous week. Refinancing activity surged 14.3%, while applications to purchase a home rose 6.1%.
“Refinance applications increased for the fourth straight week to the strongest pace since 2022, with conventional refinances up 20%. The increase in the average loan size for refinances indicates that more borrowers with larger loan balances are seeking to lower their monthly payments,” said Joel Kan, an analyst at the MBA.
