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Mortgage applications slip as 30-year rate hits 6.65%
Refinance applications rose 4% for the week ending July 10, and refinance now represents 43.2% of activity, up from 40.6%.
Mortgage application volume fell again as higher borrowing costs weighed on home purchase demand, according to Mortgage News Daily, citing the Mortgage Bankers Association data for the week ending July 10.
Total application volume declined 2.7% on a seasonally adjusted basis, with purchase applications down 7% from the prior week and 2% lower than the same week a year ago. Mortgage rates were cited as rising, with the 30-year fixed rate reaching 6.65%, the highest level since August 2025.
Refinance activity moved in the opposite direction, with the Refinance Index increasing 4% from the previous week. Even with rates higher, refinance applications remained 7% above year-ago levels, supported by stronger FHA and VA refinance activity, which rose 9% and 10%, respectively.
Mortgage share also shifted: the refinance share increased to 43.2% from 40.6%, while the adjustable-rate mortgage share declined to 7.1% from 7.8%. Government-backed lending took a larger portion of total applications, with FHA rising to 17.7% from 16.4%, VA climbing to 13.6% from 13.0%, and USDA holding at 0.5%.