Mortgage affordability at four-year high after rates fell in January

Nearly 1.3 million mortgages — including more than 500,000 originated in 2025 — carry rates between 6.875% and 6.99%, the most sensitive group to recent rate declines. ICE cited data from the Mortgage Bankers Association, which found that refinance activity hit a 17-week high in the week ending Jan. 16, with refinances making up 62% of all applications. ICE estimates about two-thirds of…