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February 25, 2026
Today: 30-year fixed dropped to 6.09%, the lowest since September 2022, but purchase apps fell 5% as buyers stay spooked by economic uncertainty. Refi volume jumped 4% week-over-week and 150% year-over-year. Contract cancellations hit 13.7% nationwide in January, the highest for that month on record.
Rates dropped, buyers shrugged. The 30-year fixed fell to 6.09% last week from 6.17%, hitting the lowest level in nearly four years. CNBC Refinancing is up 4% week-over-week and 150% year-over-year, but purchase applications dropped 5% despite the rate improvement. Total mortgage application volume was flat, up just 0.4%.
What this means for Clarke County: Your refi pipeline should be active. Anyone who bought or refinanced in late 2022 through 2024 is a candidate. Purchase volume isn't following rates down because economic uncertainty is keeping buyers on the sidelines. Expect continued hesitation through Q1. If you've got listings sitting, this rate drop alone won't move them. Price or stage better.
Contract cancellations spiked. Nationwide, 13.7% of January contracts were canceled, up from 13.1% a year ago and the highest January rate since tracking began in 2017. CNBC Buyers are getting cold feet after going under contract. Check your pipeline for wobbly deals. If inspection contingencies are still open, tighten communication with buyers and their lenders. Appraisal gaps and financing uncertainty are killing deals even at lower rates.
ARM share above 8%. Adjustable-rate mortgages are trending up as borrowers chase the 80+ basis point spread between ARM rates and fixed rates. This is giving payment-sensitive buyers and jumbo borrowers a path to qualify. If you're working with buyers stretching on DTI or looking at higher loan amounts, run ARM scenarios. The risk is real, but for someone planning a 3-5 year hold or expecting income growth, it's a valid tool.
No substantive content in the feed articles for NAR updates, GREC rules, or commission structure changes today. The two political articles (Trump SOTU and Warren's institutional investor bill) are national noise with no immediate Athens impact. Monitor for any Georgia-specific fallout from federal housing policy debates, but nothing actionable right now.