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Mortgage applications drop as 30-year fixed rate hits 6.65%

The refinance index rose 4% even as the seasonally adjusted purchase index fell 7% for the week ending July 10, 2026.

Reported · Written up by our desk · Mortgages

HousingWire reports the Mortgage Bankers Association said mortgage applications declined after the 30-year fixed mortgage rate rose to 6.65%, the highest level since August 2025, with results adjusted for the Fourth of July holiday in the week ending July 10, 2026.

The MBA also found the refinance index increased 4% from the previous week, while the seasonally adjusted purchase index fell 7%. On an unadjusted basis, purchase applications were up 3% from the prior week but still 2% lower than the same week one year ago.

Joel Kan, vice president and deputy chief economist at the MBA, said applications declined as borrowing costs moved higher, but refinance demand grew. He added that refinance applications were led by FHA and VA refinance activity, which rose 9% and 10%, respectively.

In a breakdown of mortgage activity, the refinance share of total applications increased to 43.2% from 40.6% the week prior. The ARM share fell to 7.1%, while FHA’s share rose to 17.7% from 16.4% and VA’s share rose to 13.6% from 13.0%.

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