Salvador Cortez at Absolute Mortgage Group Inc.
Salvador Cortez
Absolute Mortgage Group Inc.
Phone: (916) 668-0043
Email: [email protected]
NMLS# 1813194
Company NMLS# 1874315
Home
site.enter("0") onMouseLeave= className= > Loan Programs Home Purchase
Refinance
Forgivable Equity Builder Loan
Contractors
Mortgage Calculators
site.enter("1") onMouseLeave= className= > Resources Loan Programs
Loan Process
Mortgage Basics
Online Forms
FAQ
site.enter("2") onMouseLeave= className= > About Testimonials
Meet Our Team
Contact
Blog
site.enter("3") onMouseLeave= className= > Events Upcoming Events
Past Events
The 2nd CA Dream for All
Apply Now
It’s been a busy week in the mortgage world. Rates moved up, down, and back again—but never broke out of a fairly tight range. Underneath those rate moves, we saw something important: buyers and homeowners are quietly stepping back into the market.
Here’s a plain-English recap of what happened and what it means for you.
Over Thanksgiving week, the average 30-year fixed rate dipped into the low 6.2% range. That felt like a mini “sale,” but a lot of that move was driven by light, holiday-week trading.
By Monday, markets hit the reset button. The average 30-year fixed moved back up toward the mid-6.3s—basically right where it was before the holiday.
Takeaway:
Last week’s “holiday discount” didn’t last.
Rates are slightly higher than those brief lows, but still much better than the highs we saw earlier in the year.
On Tuesday, some of Monday’s bump higher was reversed. The market cooled off, and rates edged a bit lower again.
It wasn’t a big move, but it did lean in favor of buyers: better pricing than Monday, and a slightly friendlier look for monthly payments and approvals.
Rates stayed inside the same general sideways range.
A small drop gave buyers and refinancers a slightly better window than they had just 24 hours earlier.
Mid-week, a weaker-than-expected private-sector jobs report suggested the economy might be cooling a bit. That’s the kind of data bond markets like to see when they’re hoping for lower inflation down the road.
As a result, the average 30-year fixed slid back down near the better levels we’d seen recently—essentially undoing more of Monday’s jump.
Softer jobs data gave rates room to improve.
Payments on the same home looked a bit lower than they did at the start of the week.
On Thursday, the tone shifted. Weekly Jobless Claims dropped to about 191,000—the lowest level since 2022. That’s a very strong reading for the labor market.
When job numbers look that good, markets assume the economy doesn’t need much extra help. That tends to keep the average 30-year fixed from falling further and can even nudge rates a bit higher.
That’s what we saw: rates moved slightly up again, but still stayed inside the same tight range they’ve been in for months.
Strong labor data kept rates from improving further.
Even with the bump, we were still talking about modest changes, not a big spike.
By the end of the week, we got fresh numbers from the Mortgage Bankers Association (MBA), and they told an important story that headlines might miss.
Overall mortgage application activity slipped 1.4% on the week (seasonally adjusted), but the unadjusted drop was mostly due to the Thanksgiving holiday.
Refinance applications fell 4% from the previous week—but are still about 109% higher than the same week one year ago.
Purchase applications rose 3% on a seasonally adjusted basis and are now 17% above last year’s levels. The purchase index is at its highest point since early 2023.
At the same time, the average 30-year fixed settled around 6.32% , down from 6.40% the previous week.
In plain English: even though the weekly numbers looked a bit noisy because of the holiday, there are clearly more buyers in the pipeline and a lot more homeowners at least exploring refinance options.
Buyer demand is the strongest it’s been in nearly two years.
Refinance interest has more than doubled compared to last year.
Rates in the low-6% range are encouraging people to take another look at their options.
Looking forward, the rate market is focused on:
Upcoming job-market reports (like Job Openings and the big monthly jobs data), and
The next Federal Reserve meeting, where many expect another rate cut, plus updated Fed projections.
It’s important to remember:
The Fed controls short-term rates directly, not mortgage rates.
Mortgage rates move based on what investors think will happen with inflation and the economy over time.
It’s actually not unusual to see mortgage rates rise after a Fed rate cut if markets decide the cut could keep growth and inflation higher than expected.
So while a Fed cut makes headlines, it doesn’t guarantee lower mortgage rates the next day.
If you’ve been on the fence about buying, this week sends a couple of clear messages:
Demand is waking back up. Purchase applications are up 17% from last year and at the highest level since early 2023.
Rates are workable. The average 30-year fixed is still in the low-6% range—not perfect, but far better than the peak levels we saw not long ago.
Inventory is slowly improving. More homes are coming on the market, which can create opportunities and slightly less competition in some areas.