Mortgage Applications Are Rising — Even With Rates at a 5-Week High

Homebuyers are returning to the market despite the 30-year fixed rate hitting 6.46%, with purchase applications climbing week over week and surpassing year-ago levels. Here's what this signals for California buyers.

If you've been sitting on the sidelines waiting for rates to drop before making your move, the latest mortgage application data might make you rethink that strategy.

Despite the 30-year fixed rate climbing to 6.46% — its highest point in five weeks — purchase mortgage applications jumped compared to the prior week and are now running ahead of where they were at this same time last year. That's a meaningful signal.

What it tells us is that serious buyers are done waiting. Inventory in California remains competitive, and buyers who pause are often outmaneuvered by those willing to act. Rates in the mid-6% range, while not the historic lows we saw a few years ago, are absolutely workable — especially when paired with the right loan structure.

For California buyers, this is a reminder that timing the market on rates alone is rarely a winning strategy. Locking in a home at today's price, then refinancing when rates improve, is a proven approach many of our clients have used successfully.

Thinking about making a move this spring? Let's run the numbers together. Contact us today to explore loan options that fit your budget and timeline.