Mortgage Applications Hit Three-Year High, Spreads Compressed

FHFA News Releases

Published December 10th, 2025

Detected March 13th, 2026

Summary

The Federal Housing Finance Agency (FHFA) announced that mortgage applications have reached a three-year high, with spreads between mortgages and Treasuries compressing. This news release highlights positive trends in the U.S. housing market and mortgage rates.

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What changed

This news release from the Federal Housing Finance Agency (FHFA) reports a significant increase in mortgage applications, reaching a three-year high, and a compression of mortgage spreads relative to Treasuries. The release attributes these positive market trends to the current administration's policies, suggesting improved affordability and market confidence in homeownership.

While this document is a notice of market trends rather than a regulatory change, entities involved in the mortgage market, such as financial advisers, insurers, and investors, may find this information relevant for assessing market conditions. No specific compliance actions or deadlines are mandated by this release.

Source document (simplified)

News Release

Mortgage Applications Up, Spreads Down!

Trump administration is leading the housing market back into prosperity for immediate release 12/10/2025 Washington, D.C. – President Trump is delivering for the American people: mortgage applications have risen to a three-year high as families return to the housing market, and spreads between mortgages and Treasuries continue to compress, improving mortgage rates and demonstrating the faith that the market has in this administration’s leadership.

As President Trump brings prices down and wages up, Director Pulte’s U.S. Federal Housing will continue to work with our partners across the administration and throughout our great country as we help restore the American dream of affordable homeownership.

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $8.5 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on X @FHFA, YouTube, Facebook, and LinkedIn.

Contacts: MediaInquiries@FHFA.gov