Why did mortgage rates decrease last week in Hercules, California?

Mortgage rates decreased due to lower Treasury yields, which were influenced by a weaker labor market and declining consumer confidence.

Have home loan applications increased with lower mortgage rates?

No, despite lower rates, total mortgage application volume fell by 1.4% last week, indicating sluggish demand from borrowers.

How do current refinance rates compare to last year?

Refinance applications are up 109% compared to the same week last year, even though they decreased 4% last week.

Home / Business and Economy / Mortgage Rates Dip, Demand Still Down

Mortgage Rates Dip, Demand Still Down

3 Dec, 2025

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Summary

Mortgage rates fell last week but failed to boost borrower demand.
Total mortgage application volume decreased by 1.4% last week.
Refinance applications are up 109% year-over-year.

Mortgage rates experienced a decline last week, mirroring a decrease in Treasury yields influenced by weaker labor market data and reduced consumer confidence. This downward trend in rates, however, has not translated into increased demand from potential homebuyers or current borrowers.

Overall mortgage application volume contracted by 1.4% during the week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 6.32% from 6.40%.

While applications to refinance a home loan decreased by 4% week-over-week, they remain significantly higher, up 109%, compared to the same week a year ago when interest rates were substantially higher.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.