The mortgage market stayed relatively calm last week, with only a small dip in overall application activity. But beneath that surface, there’s good news for homeowners in Marysville, Stanwood, and Arlington—refinance applications are climbing as mortgage rates ease to their lowest levels in a month.
According to the Mortgage Bankers Association’s latest survey, total mortgage application volume slipped just 0.3% from the previous week. That minor decline was driven mostly by fewer purchase applications, but refinances told a different story.
The Refinance Index jumped 4%, marking an impressive 81% increase compared to the same week last year. Homeowners are clearly taking advantage of the lower rates, with conventional refinances up 6% and FHA refinances surging 12%.
Joel Kan, MBA’s Deputy Chief Economist, explained, “The lowest mortgage rates in a month spurred an increase in refinance activity, including another pickup in adjustable-rate applications. Borrowers are staying alert to opportunities to lower their monthly payments.”
Here in Marysville, Stanwood, and Arlington, that’s exactly what many homeowners are doing—refinancing while rates are favorable and locking in more affordable monthly payments heading into the holidays.
Purchase applications were down 5% from the prior week, both seasonally adjusted and unadjusted. However, they remain 20% stronger than a year ago, showing that buyer demand in the region is still holding steady.
For Snohomish County markets like Marysville, where new construction is adding fresh inventory, and Stanwood and Arlington, where affordability draws steady buyer interest, that’s a sign of healthy, sustainable growth rather than a slowdown.
Even with a slight dip in applications, the underlying trend remains positive—stable rates and improving affordability are keeping buyers engaged.
Here’s where rates stood last week:
30-Year Fixed: 6.37% (down from 6.42%)
15-Year Fixed: 5.74% (down from 5.77%)
Jumbo 30-Year: 6.39% (down from 6.47%)
FHA: 6.12% (down from 6.19%)
5/1 ARM: 5.55% (down from 5.63%)
The refinance share of total mortgage activity rose to 55.9%, up from 53.6% the week before, while adjustable-rate mortgages (ARMs) made up 10.8% of total applications. The FHA share climbed to 21.8%, and the VA share dipped slightly to 13.5%.
Even a small reduction in mortgage rates can have a major impact on affordability, especially for buyers in growing areas like Marysville, Stanwood, and Arlington. Lower rates mean more purchasing power—and for current homeowners, the chance to refinance into a better deal.
Refinancers: Now’s the time to act. If you’ve been watching the market for a good refinance opportunity, the recent dip in rates might be your sign to lock in.
Buyers: While purchase activity has slowed slightly, strong demand and improving inventory across Snohomish County mean more options and less competition.
Homeowners in Arlington and Stanwood: Even if you bought recently, it’s worth checking if refinancing could lower your payment—especially with FHA and conventional refinances gaining momentum.
Mortgage trends move fast, but the current landscape offers a unique window for both buyers and current homeowners to save money and strengthen their financial position.
Even with a minor dip in overall mortgage applications, refinance activity is heating up, fueled by the lowest rates in a month. Purchase demand remains resilient, and markets like Marysville, Stanwood, and Arlington are seeing the benefits of stable growth, better affordability, and renewed buyer confidence.
If you’ve been on the fence about refinancing or buying, now’s the time to take a closer look.
Home Right Lending can help you find the right loan—whether you’re a first-time homebuyer, a veteran, or looking to refinance. We work with multiple lenders to match you with the best rate and loan program for your needs.
Call us today to explore your options and take advantage of this more favorable rate environment before the market shifts again.